News & Insights

Caledonian Bank Ltd

Caledonian Bank Ltd. (the “Bank”) and Caledonian Securities Ltd. were placed into Controllership on 10 February 2015 by the Cayman Islands Monetary Authority (“CIMA”) and Mr. Keiran Hutchison and Claire Loebell of Ernst & Young Ltd. were appointed as Joint Controllers.

The banking licence of the Bank was revoked by CIMA and upon hearing a winding up petition presented by CIMA on 23 February 2014, the Grand Court of the Cayman Islands ordered that the Bank be wound up and appointed Mr. Keiran Hutchison and Claire Loebell as Joint Official Liquidators of the Bank (the “JOLs”).

In accordance with Order 8, Rule 2 of the Companies Winding Up Rules 2008 (as Amended), the JOLs are in the process of convening the first meeting of stakeholders which is to be convened for the purpose of providing a substantive update to stakeholders, electing a liquidation committee and dealing with other such matters that the JOLs think fit. Stuarts have been corresponding with the JOLs to ensure our client’s claims are properly recorded and to ensure our clients are represented at those meetings and provided with updates on the process and any developments.  Please contact us if you are a depositor with the Bank.

Contact our experts for further advice

View profile for Richard AnnetteRichard Annette
Partner & Head of Litigation
, View profile for Chris HumphriesChris Humphries
Managing Director & Head of Funds