Imperium Bank Limited ("IBL")
In Liquidation
This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.
Status of the file as of January 9, 2013
On November 24, 2012 the November 2, 2012 Notice to Creditors was published in both the Grenadian Voice and the Gazette in accordance with the Companies (Winding-up) Rules, 1909. The first and only dividend has been paid to proven creditors, that process is complete and the Liquidator now intends to seek a discharge of his duties from the Court.
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Notice to Creditors, dated November 2, 2012 |
Status of the File as of November 2, 2012
The Liquidator has completed his final report to the Court, dated November 2, 2012, in the matter of the Liquidation of Imperium Bank Ltd. and will seek a discharge subject to the availability of the Court for a hearing on the matter. Please see the Reports section of this site below.
Status of the File as of October 29, 2012
Please see the Reports section of this site below for a copy of the Second Report of the Liquidator, dated February 10, 2010, and the accompanying Errata dated February 24, 2010.
Since the Second Report, the Liquidator has completed a claims process whereby all known creditors were notified of the requirement and the process to file claims in the estate. Thirty-four claims were received, of which 30 were admitted and were eligible to receive a dividend from the estate. Between April and August 2012, admitted claimants received dividends in the aggregate of $475,810.37, or 35.15% of their admitted claims. There are no further expected recoveries available to the estate, therefore, no further distributions to creditors will be forthcoming.
The Liquidator is currently preparing his Third and Final Report which will be posted below once completed.
Status of the File as of December 19, 2011
In the matter of the liquidation of Imperium Bank Limited - The Liquidator of Imperium Bank Limited is conducting a proof of debt process by which all creditors of Imperium Bank Limited are required to file the appropriate form (see below) by February 16, 2012. Please also refer to the below for the Notice of Intention to Declare Dividend and Deadline to Prove Debts, which was sent by mail to all known creditors, along with forms to complete the proof of debt process.
If you believe you are a creditor of Imperium Bank Limited (in Liquidation) and have not received a Notice or Proof of Debt form, please contact us immediately by email at imperial@ca.pwc.com, or by way of the contact details included in the Notice below.
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Personal Proof of Debt Sample Form General, undated |
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Corporate Proof of Debt Form General, undated |
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Notice of Intention to Declare Dividend and Deadline to Prove Debts, dated December 18, 2011 |
Status of the File as of June 2, 2010
In the matter of the liquidation of IC Mutual Limited - IC Mutual Limited was a company within the Imperial Group Companies, which, along with ICS Placements Company Limited, Alpha Windward and Leeward Limited, and Capital and Asset Backed Placements, acted as an investment vehicle to receive funds raised from investors and to pass those funds through to other entities in the United Kingdom and worldwide. As described below, IC Mutual was ordered into Liquidation by an order of the Supreme Court of Grenada on July 25, 2002.
The Joint Liquidators of IC Mutual are conducting a proof of debt process by which all creditors of IC Mutual are required to file the appropriate form (see below) by July 30, 2010. Please see below for documents relevant to the Proof of Debt process, including the Proof of Debt form for an Individual and for a body Corporate. If you are a creditor of, or investor in, IC Mutual and did not file a claim in 2004 when the process was begun, please download the appropriate form and follow the instructions for filing claims, which are included on the form. Further queries on completing the form may be submitted by email to imperial@ca.pwc.com.
Status of IBL Liquidation as at September 25, 2002:
On April 25, 2002, Marcus A. Wide, a director of PricewaterhouseCoopers (W.I.) Inc. was appointed Controller of Imperium Bank Limited by the Honourable Anthony Boatswain, Minister of Finance for Grenada. This appointment was made under s.20 of the Offshore Banking Act, 1996 No. 39.
On July 25, 2002, the Supreme Court of Grenada and the West Indies Associated States (High Court of Justice) ("the Court") super ceded this initial appointment by making Marcus A. Wide the Provisional Liquidator of IBL pursuant to Section 392 of the Companies Act, 1994, No.35. On the same date, the Court appointed Marcus A. Wide and Alistair Steven Wood of Mazars Neville Russel, England as Joint Liquidators of the following subsidiaries of IBL:
- ICS Placement Company Ltd. ("ICS")
- Alpha Windward and Leeward Ltd. ("AWL")
- Commercial and Asset Backed Placements Ltd. ("CABP")
- IC Mutual Ltd. ("ICM")
- Commercial Lending Corporation Ltd. ("CLCL")
This Web site was established by the Liquidator in order to provide IBL's creditors, depositors and other interested parties with information regarding the status of the liquidation and to communicate the future actions and findings of the Liquidator.
It is the Liquidator's intention to update this site on a regular basis in order to keep the creditors, depositors and other interested parties informed.
Court Orders:
Liquidator Reports:
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Imperium Bank - Third and Final report of the Liquidator, dated November 2, 2012 2010 |
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IBL Errata to Second Report, dated February 24, 2010 |
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IBL Second Report, dated February 24, 2010 |
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Second Report on AWL, dated June 7, 2010 |
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Second Report on CABP, dated June 7, 2010 |
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Second Report on ICS, dated June 7, 2010 |
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First Report on IBL, dated February 25, 2003 |
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First Report on ICS, dated November 29, 2002 |
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First Report on AWL, dated November 29, 2002 |
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First Report on CABP, dated November 29, 2002 |
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First Report on ICM, dated November 29, 2002 |
Creditors' Correspondence:
No correspondance available at this time.
To download the PDF to your computer click and hold the 'right' mouse button on the link above and select 'save link as' or 'save target as'. To view in your browser, click the link with your 'left' mouse button.
- This registration system is for depositors of IBL only. If you have a claim against one of IBL's subsidiaries (ICS, AWL, CABP, ICM, CLCL) please follow the link to the Mazar's Web site to register your claim.