The Judicial Managers of British American Insurance Company Limited, BAICO, will be hosting a series of Consultation Meetings across the Eastern Caribbean including here in St. Vincent and the Grenadines during the week commencing March 14th.
The Judicial Managers of BAICO have made significant recent progress regarding the proposal of a Plan to facilitate the distribution of BAICO’s assets to its policyholders.
The Plan, which will require legislation to be passed in various Organization of Eastern Caribbean States (OECS) jurisdictions, will set out a framework for agreeing final claims against the company and will require a Court‐Ordered Meeting of Creditors to vote on the proposals.
At present, the legislation has been adopted in St. Vincent and the Grenadines, Grenada and Antigua and Barbuda, and efforts are being made for other affected jurisdictions to adopt the law as soon as practicable.
The consultation in St. Vincent and the Grenadines will take place on March 15th, at the Kingstown Methodist Church Hall, from 10am ‐ 1pm and aims to bring policyholders up to date with developments, and to provide an explanation of the Plan process and proposals.
