GRAND CAYMAN (Tuesday, 24 February 2015) Mr. Keiran Hutchison and Ms. Claire Loebell of Ernst & Young, Ltd., who were appointed by the Cayman Islands Monetary Authority (CIMA) as Joint Controllers for Caledonian Bank Ltd. and Caledonian Securities Ltd. on 10 February 2015, have been appointed as the Joint Official Liquidators of both Caledonian entities.
On 16 February 2015, upon receipt of interim reports from the Controllers, the Executive Committee of the Board of Directors of CIMA adopted a resolution to take the necessary action to revoke the licences and forthwith apply to the Grand Court for orders for winding up of the Caledonian entities, pursuant to its powers under the Banks and Trust Companies Law and the Securities Investments Business Law. Following this decision, CIMA filed its Petitions and supporting documents on 17 February 2015 in the Financial Services Division of the Grand Court.
The matter was heard by the Honourable Chief Justice on the 23 of February 2015 and the Orders, which granted the Petitions for winding up both entities, took immediate effect.
The appointment of Mr. Hutchison and Ms. Loebell as Joint Official Liquidators effectively gives them powers to (among other things) “be authorized to act jointly and severally and take such steps as necessary and expedient in the exercise of their powers conferred under the Companies Law for the protection of assets and acts incidental thereto and consider appropriate actions for and on behalf of the entities within and outside of the Cayman Islands.”