High Court of Barbados grants CIL permission to seek an investor

The High Court of Barbados has given the judicial managers of CLICO International Life Insurance Limited (CIL) the go ahead to look for an investor for the financially troubled company.{{more}}

Deloitte Consulting Ltd, represented by Oliver Jordan and Patrick Toppin, said immediate steps would now be taken to find an investor that demonstrated “the depth of management and financial capacity necessary to provide greater confidence to policyholders and regulators, as it relates to the viability of any new entity which may emerge from the existing operations of CIL”.

The judicial manager went to court on Thursday, December 1 to provide an update on its consultations with policyholders, regulators and regional governments and also to obtain court sanction for the next phase in the process of restructuring the company.

A statement subsequently issued stated that, during the past two months, the judicial manager had engaged in consultations with policyholders, regulators and regional governments, in order to present its findings on the financial condition of CIL and on the alternative options for restructuring.

The judicial manager also advised the Court that the first phase of the forensic audit of CIL is substantially complete and would be tabled in the very near future.