NOTICE TO CREDITORS
25 February 2014
Stanford International Bank Limited – in Liquidation (“the Company”)
Re: Notice of Declaration
The Joint Liquidators are now in a position to make a first interim distribution in the amount of $0.01 on the dollar. CD holders with claims allowed below EC$20,000 (US$7,407.40) will be paid out in full in accordance with section 289 of the International Business Corporations Act.
If you received a preference payment, for which you will have been notified separately, your distribution will be held back until the Court makes a final determination.
Please see the below summary of the receipts and payments covering the period of the liquidation to 31 December 2013 from which you will see that the total amount to be immediately distributed is US$33,262,396 with a further US$16,989,510 being held back pending resolution by the Court of the preference issue.
The balance in hand of US$15,344,780 is retained for future costs, fees and expenses of the liquidation, including employee and vendor claims. We expect to pay a further dividend in the future. However, the quantum and timing at this stage is unknown due to the uncertainty of future realisations.
For and on behalf of Stanford International Bank Limited
Marcus Wide and Hugh Dickson
STANFORD INTERNATIONAL BANK LIMITED (IN LIQUIDATION)
Receipts and payments statement account As of 31 Dec 2013
Balance received from former Liquidators NIL
UK recoveries 95,111,096
3rd Party Funding (Hamilton) 5,001,000
ECAB building sale process 4,537,037
HSBC , Panama 3,275,228
Rental receipt (ECAB building) 255,556
Settled legal claims 249,930
Settlement on pricing error 230,710
Other receipts 167,225
Less: Cost Awarded for removal of former liquidators (3,185,338)
Total Receipts 105,642,444
Liquidators fees & expenses 7,446,658
Co-lead legal advisors fees and expenses 10,745,246
Other legal advisors fees and expenses 12,687,197
Other advisors fees 1,722,896
Other operational expenses 7,443,761
Total Payments 40,045,758
Balance on Hand 65,596,686
Preference Payment holdback 16,989,510
1st Distribution to Investors 33,262,396
Balance carried forward 15,344,780
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