Caledonian Bank Limited (“CBL”) and Caledonian Securities Limited (“CSL”) were placed into Controllership on 10 February 2015 by the Cayman Islands Monetary Authority (“CIMA”) and Keiran Hutchison and Claire Loebell were appointed as Joint Controllers. We write to advise you that upon hearing an application made by CIMA, the Companies were ordered to be placed into Official Liquidation by an Order of the Grand Court of the Cayman Islands dated 23 February 2015 and the Controllers were appointed as Joint Official Liquidators (“the JOLs”). The Controllership has now come to an end.
Further, please note that CIMA has revoked the operating licenses for both CBL and CSL. Therefore it is not possible to continue trading. The operation of all services to customers and clients of CBL and CSL remains frozen while the JOLs complete their reconciliation of all clients’ assets and implement a strategy that will begin to see funds returned to clients and creditors.
Please also note that the following filings have been made in the US Bankruptcy Court and in this regard please find attached:
Enquiries can be directed by written correspondence to email@example.com
The JOLs are not appointed over any other entity within the Caledonian group of companies.
Ongoing updates are being provided to stakeholders by email and post.
February 27 2015
The property, business and affairs of the Companies are being managed by the Joint Official Liquidators, Keiran Hutchison and Claire Loebell, who act without personal liability. Keiran Hutchison and Claire Loebell are authorised to act as Insolvency Practitioners in compliance with Regulation 4 of the Insolvency Practitioner’s Regulations 2008 of the Cayman Islands.