The liquidators of Bank of Credit and Commerce International have announced the payment of a fifth interim dividend of 6 per cent to ordinary admitted creditors on 15 December.
To date total dividend returns amount to $6.2 billion, of which the Cayman liquidation comprises approximately $1.85 billion. The combined distributions equate to a total return of 81 per cent to ordinary admitted creditors.
Speaking of this achievement, Cayman Liquidator Ian Wight said ‘We are pleased to be in a position to pay a fifth dividend and with the total return to creditors to date. It is testament to the efforts, experience and professional ability of the liquidation teams in the Cayman Islands, Luxembourg and the United Kingdom that the amount paid to creditors exceeds the initial predictions to such a great extent. The liquidation teams continue to work towards further recoveries with a view to paying at least one further dividend to creditors’.
The liquidation of BCCI has been the largest and most complex insolvency and asset recovery project ever undertaken.
During the course of the liquidation, the Cayman Liquidators working with their counterparts internationally have pursued a number of innovative global and domestic recovery strategies, with the aim of maximizing the return to creditors.
Operating in the Cayman Islands since 1973, Deloitte is a member firm of Deloitte Touche Tohmatsu. With seven partners and 170 professional and support staff, the Cayman Islands practice delivers services in four professional areas: audit, tax, consulting, and financial advisory services.