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Anglo American Bank Limited ("AAB")

In Liquidation

Page last updated: June 16, 2005

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 Anglo American Bank Ltd. Liquidation as of June 15, 2005

On March 15, 2003 the Liquidator declared a final dividend and notice was sent by direct mail to all known creditors at the time. The declaration of final dividend called for the submission of Proofs of Debt by April 30, 2005. Due to numerous inquiries by potential creditors for whom the books and records of the bank contained no contact information, the deadline has been extended to July 15, 2005 in order to allow those parties to submit claims. Following this deadline, the Liquidator will be in a position to pay the final dividend without further notice or regard to any unsubmitted claims. The declaration of final dividend and the form of proof of debt are available below.

Status of Anglo American Bank Ltd. Liquidation as of November 26, 2004

The following is subject to a final report to the Court in Grenada.

As a result of the Liquidator being unable to locate and secure the balance of the books and records of the Bank, and a refusal on the part of the Bank’s Principals to disclose to the Liquidator the location of the Bank’s assets, we have reached an impasse in respect of our efforts to recover the majority of the assets of the Bank. As a result, creditors and depositors will incur a significant shortfall in respect of their claims against the Bank.

Given the above impasse, it is our intention to distribute to the creditors the net proceeds generated from the inconsequential assets of the Bank that we were able to secure. In this respect, in the coming weeks, a Proof of Debt form will be posted to this Web site and all creditors will be invited to submit a Proof of Debt in order to be eligible to share in the remaining assets of the estate.

Status of Anglo American Bank Ltd. Liquidation as of September 9, 2003

On July 24, 2003, I Daryl Sands, a director of PricewaterhouseCoopers (W.I.) Inc. was appointed Liquidator of Anglo American Bank Limited ("AAB") by the Supreme Court of Grenada with all the powers and duties of a Liquidator as contained in the Companies Act, No. 35 of 1994, of the laws of Grenada.

As a result of the Liquidator's appointment the Liquidator is administering all of AAB's operations and assets. The Liquidator is in the process of reviewing the AAB's financial records to ascertain the deposits held on behalf of individual depositors together with assets that may become available for distribution to all parties who have an interest in the Bank.

An electronic copy of the Court Order is attached below.

This Web site was established by the Liquidator in order to provide AAB'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.

Final Dividend:

84 KB Declaration of Final Dividend, dated March 15, 2005
84 KB Proof of Debt Form, (English version)
84 KB Proof of Debt Form, (French version)
Cependant, le formulaire anglais et les termes y reflétés auront préséance advenant toute dispute.

Court Orders:

84 KB Liquidation Order, dated August 26, 2003

Liquidator Reports:

84 KB First Report of the Liquidator, dated October 30, 2003

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.

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James Pomeroy


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