BAICO Judicial Managers to meet with policyholders

The Judicial Managers of BAICO have made significant recent progress regarding the proposal of a plan to facilitate the distribution of BAICO’s assets to its policyholders. The plan, which will require legislation to be passed in various OECS jurisdictions, will set out a framework for agreeing final claims against the company and will require a Court-ordered Meeting of Creditors to vote on the proposals.{{more}}

At present, the legislation has been adopted in St Vincent & the Grenadines, Grenada and Antigua & Barbuda. Efforts are being made for other affected jurisdictions to adopt the law as soon as practicable.

In order to bring policyholders up to date with developments, and to provide an explanation of the plan process and proposals, the judicial managers have issued notice of a series of consultation meetings to be held across the Eastern Caribbean during the week commencing March 14.

The meeting in St Vincent and the Grenadines will take place on Tuesday, March 15, at the Methodist Church Hall, Grenville Street, Kingstown from 10 a.m. to 1 p.m.

If you are a policyholder and you wish to attend one of these meetings, you can register your intention to do so at the following: http://www.kpmg.com/BS/en/Pages/BAICO.aspx

It is not necessary to do so, but it will assist the judicial managers in planning the event if you do.