Horizon Bank International Limited

Liquidator Information

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Status of the File as of April 17, 2009

	An update on various matters relating to the Liquidation of the Bank: View update, dated April 17, 2009
	[July 4, 2008] An update on various matters relating to the Liquidation of the Bank: View update, dated July 4, 2008
	[Mar 26, 2008] An update on various matters relating to the Liquidation of the Bank: View update, dated March 26, 2008
	[Sep 20, 2007] An update on various matters relating to the Liquidation of the Bank: View update, dated September 20, 2007
	[Apr 10, 2007] An update on various matters relating to the Liquidation of the Bank: View update, dated April 10, 2007
	[Oct 26, 2006] Updates on two matters relating to the Liquidation estate. Update on Creation of Liquidator's Committee of Inspectors: View update, dated October 26, 2006 Update on Status of Bermuda Proprietary Claim: View update, dated October 26, 2006 Without Appendices (4 pages, 59 KB) View update, dated October 26, 2006 With Appendices (102 pages, 3.07 MB)
	[Apr 6, 2006] Despite approval by the Court in St. Vincent for the Liquidator to move toward an interim distribution, recovery of funds for the estate of the Bank continue to be impeded by the ongoing litigation in Bermuda. This litigation is with respect to the Bank's most significant asset (its accounts at Bermuda Commercial Bank Limited ("BCB")) which remains frozen by order of the Court. This action was commenced prior to the Liquidation, and the ancillary proceeding taken out by the Liquidator in Bermuda. The plaintiffs in the Bermuda litigation claim entitlement to all funds held in the Bank's accounts at BCB. The Court in its previous ruling did not give effect to the consequence of the Liquidation in St Vincent. Also it became clear that for the Liquidation to have standing in the Bermuda litigation an ancillary proceeding in Bermuda appointing Liquidators was required. This has been accomplished. However it was still not clear when the Bermuda litigation would advance to its natural conclusion. An initial effort by the Liquidator to see the matter settled did not meet with a response, and subsequent claims received in the Liquidation also asserting proprietary rights have added an additional layer of complexity, as has the potential for the need to resist or litigate claims in other jurisdictions, over essentially the same issues put before the Court in Bermuda. One of these claims, filed on behalf of victims of an allegedly fraudulent scheme which used Horizon and three other banks as conduits for the allegedly stolen money, is itself complex and may take significant time to resolve in each of, the legal standing to make the claim, its ranking given they claim a proprietary interest, and its value. Therefore even if funds are recovered in the short term there are other claims whose priority and value need to be resolved before a distribution can be made. An application to reduce the amount of funds presently frozen in Bermuda is being prepared, and is expected to be heard by the Supreme Court of Bermuda during the same scheduled hearing dates noted below, which is the first opportunity. In any event, trial dates and directions will be sought in relation to the Bermuda litigation. The present de facto plaintiffs are making application on April 26 and 27, 2006 to settle the terms of the early interlocutory Decision of the Bermuda Court, which should if nothing else define the manner in which the Court in Bermuda will deal with the matter and whether or not it will be possible to confine the issues for determination to Bermuda.
	[Oct 13, 2005] The Liquidator's First Report to the High Court of Justice of St. Vincent and the Grenadines was filed on October 6, 2005. A copy of the report is posted below.
	[Sep 2, 2005] The following is an update, by jurisdiction, of the recent activities of the Liquidator. Bermuda The Liquidator is in the process of securing dates for a hearing in the Supreme Court of Bermuda respecting the permanent stay of the Bermuda litigation between Bermuda Commercial Bank Limited and HBI et al. It is anticipated that the Court will be able to hear parties in relation to this issue in October 2005 at the earliest. On the same date the aforesaid hearing takes place, the Liquidator will also file an application in Bermuda in relation to the February 7, 2005 Decision of Kawaley J. in which funds in an account maintained by HBI with Bermuda Commercial Bank Limited the amount of $5,631,439.84 were frozen. Specifically, the Liquidator will be applying to introduce new evidence suggesting the Court's conclusion as to the amount of funds subject to an interim freeze order was incorrect, leading to the improper freezing of some $1,208,576.41. The Liquidator will request that the Supreme Court of Bermuda vary its previous interim freezing Order and release to the Liquidator the aforementioned balance, for the benefit of HBI's estate creditors. Ontario and Turks & Caicos Islands On July 24, 2005, the High Court of Justice in Saint Vincent and the Grenadines issued letters seeking the judicial assistance of the Courts in Ontario Canada, the Turks & Caicos Islands and Bermuda. The Liquidator is preparing to take steps in each of these jurisdictions to see to the recognition of his powers pursuant to the Winding-Up Order, as this recognition may be required for purposes of conducting examinations and tracing and recovering assets and property of HBI, wherever found. Bahamas The Liquidator continues to gather information, books, records and property of HBI in the Bahamas pursuant to the Order of the Supreme Court of the Bahamas granted on April 25, 2005 by which the Liquidator's powers under the Winding-Up Order were officially recognized in that jurisdiction. Determinations are being made in relation to the conducting of examinations of HBI's officers, directors and/or directing minds who presently reside in the Bahamas, in the hope that information gathered will assist in the realization of additional assets and property.
	[Jun 14, 2005] On June 6, 2005, the High Court of Justice of St. Vincent and the Grenadines ordered the Winding Up of Horizon Bank International Limited and appointed Marcus A. Wide, as Liquidator of the Bank. A copy of the order is available below. The Liquidator is now receiving Proofs of Debt, the prescribed form is available below. On June 9, 2005 a temporary stay of proceedings was ordered by the Supreme Court of Bermuda, Civil Jurisdication in the matter of Bermuda Commerical Bank Limited v. Horizon International Bank Limited et al. A copy of the order will be posted below once it becomes available.
	[Apr 28, 2005] On April 21, 2005, following a petition by the Honourable Judith Jones-Morgan, Attorney General of the state of St. Vincent and the Grenadines, the High Court of Justice of St. Vincent and the Grenadines appointed Marcus A. Wide as Provisional Liquidator of Horison Bank International Limited. A copy of the court order is available below.

This Web site will be updated as information becomes available.

Court Orders and Decisions - St. Vincent and the Grenadines:

	Decision of Justice Gertel Thom, dated February 15, 2007
	Winding Up Order, dated June 6, 2005
	Provisional Liquidation Appointment Order, dated April 21, 2005
	Provisional Liquidation Petition of SVG Attorney General, dated April 20, 2005

Court Orders - Bahamas:

Order of the Supreme Court of the Commonwealth of the Bahamas, recognizing SVG Court Appointed Provisional Liquidator, dated April 25, 2005

Proof of Debt:

Proof of Debt - General Form

Reports:

	First Report of the Liquidator, dated October 6, 2005
	First Report of the Provisional Liquidator, dated May 13, 2005

Correspondence:

International Financial Services Authority - Notice of Revocation of Banking License, dated April 6, 2005

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