Urgent Notice To All Customers
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 of Ernst & Young Ltd. 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:
- Notice of filing and hearing on Petition under Ch 15 of the Bankruptcy Code
- Order granting Temporary Restraining Order over the assets of CBL
- Additional documents in support of the US filings
- Declaration in Support of Supplement Filed
- Supplement to Verified Petition Filed
- Recognition Order and Granting Additional Relief 17 March 2015
- Hearing on April 27 2015 for entry of Order entrusting distribution of assets to the JOLs
The JOLs have also obtained Orders in the Federal Court of Australia including the most recent as at March 12, 2015, please see attached:
To all Deposit Account Holders of Caledonian Bank Limited. Please consider the attached notification regarding delivering names and addresses to the US Court and US Trustee
A third entity in the group, Caledonian Group Services Limited, was placed into voluntary liquidation on March 24 2015 pursuant to a resolution of the sole shareholder. Keiran Hutchison and Claire Loebell were appointed as Joint Voluntary Liquidators on March 25 2015.
A fourth entity in the group, Caledonian Global Financial Services Inc. was placed into voluntary liquidation on April 2 2015 pursuant to a resolution of the sole shareholder. Keiran Hutchison and Claire Loebell were appointed as Joint Voluntary Liquidators on April 7 2015.
The Liquidators are not appointed over any other entity within the Caledonian group of companies.
Ongoing updates are being provided to stakeholders by email and post.
The property, business and affairs of the Companies are being managed by the Joint 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.
At Caledonian Bank, our client centric approach and streamlined account opening process afford our clients the highest level of convenience and efficient service for their corporate banking requirements. We are an “A” licensed privately owned commercial bank located in the Cayman Islands and the only bank whose clients are predominantly global institutional businesses and high net worth individuals. With proper KYC in place, we can open a new bank account for a client very quickly, often on the same day. We are discreet, private, well regulated, and confidential. Caledonian’s traditional banking model is fortified through our conservative risk management policies and evidenced by strong capital ratios.
Caledonian provides the following services:
- International Payments
- Agent Banking
- Platinum Debit Card
International Payment Services
At Caledonian, we use our market knowledge and geographic presence to manage your business transactions with speed and simplicity. You can choose from a wide range of payments and cash management products, created to help you efficiently manage your payments, streamline processes, deliver payments on time and improve your working capital efficiency and cash flow capabilities.
The key benefits include:
- View active bank accounts online in Real Time
- Pay invoices any time through our online banking system
- Transfer funds immediately
- Manage all corporate banking in one location
- Transfer funds online to external third party any time
- Encrypted Data
- Latest security software
Caledonian is a known leader in client satisfaction and innovative thinking. We can provide you with the exact industry knowledge and technology you will need to achieve results. We offer a turnkey payment processing solution through our foreign exchange services, fixed and overnight deposits.
Our services include:
- Foreign Exchange for all major currencies (spot and forwards)
- Fixed deposit
- Renew an existing fixed deposit
- Set interest rate
Caledonian also offers custody services for fund of funds that are administered by Caledonian Fund Services (Cayman) Limited and certain highly qualified customers. Caledonian's custody services integrate seamlessly with our credit facilities since the collateral needed to provide financing is already registered in our name as custodian. In addition, we are accustomed to providing custody for leverage financing arrangements and familiar with the associated controls and reporting required by lenders.
Custody services include:
- Processing subscriptions, redemptions and transfers into and from underlying funds
- Processing purchases and sales of financial instruments
- Reconciling holdings
- Customised reporting
Caledonian has over 40 years of offshore banking experience to serve all your offshore banking needs in the Cayman Islands. Caledonian is an “A” licensed bank with authorization to act as an Agent Bank.
Our services include:
- Guidance on compliance and reporting to CIMA
- Assistance with all regulatory submissions
- Local account services for the “B” licenced bank
- Non-exclusive office space
- International payment services
- Payment of local expenses
- Administrative services
- Assistance with incorporation of Cayman Company
- Local Directors Services
- Online access to all corporate records
Caledonian offers a full line of credit solutions custom tailored to the specific needs of hedge fund and captive insurance clients. Our deep credit domain expertise, systems integration, software technology and large-scale processing capabilities help clients overcome industry challenges. Caledonian have an experienced lending team equipped to assist you with a wide continuum of loan products.
Our services include:
- Liquidity facilities
- Overdraft capabilities
- Secured lending
- Insurance letters of credit
Caledonian Global Elite Platinum Card
At Caledonian Bank, we know our customers deserve the platinum standard of card service; that is why we have hand-selected an arrangement of Global Elite Platinum MasterCard benefits combining the finest in services and protection. We understand our clients have high demands on time and we have designed the Global Elite Platinum card to provide the ultimate in purchase power and security. Global Elite Platinum cardholders can travel and do business with ease and confidence throught this unique benefits collection, allowing for ultimate accessibility, security and purchase power.
Some of the benefits include:
- Custom-designed concierge services
- Tailored customer service
- Personal coverage
- Travel assistance
- Travel protection
- Shopping protection
- All Caledonian Global Elite Platinum MasterCard holders are eligible to receive a Priority Pass Card