First Report of the Joint Liquidators Grant Thornton

August 17, 2011
By Grant Thornton

The mandate of the Liquidators is to gather in and maximize the value of the assets of SIB, to monetise and to distribute such assets under a statutory framework. This requires the Liquidators to conduct a creditor/victim claims adjudication and distribution process.

I note that pursuant to paragraph 18 of the Order of 12 May 2011 that the Court request the Liquidators provide a report with respect to the liquidation and their preliminary determination of the assets to be realized, the likely recoveries and the extent to which the claims of all creditors/victims of SIB may be met. Whilst this report does provide a summary of the assets to be realised it is simply not possible at this stage of the liquidation to provide any meaningful estimate with regards to the likely distribution to the creditors/victims of SIB.

This report is structured as follows:

  • Highlights to Date
  • Global Asset Recovery Plan
  • Creditor/Victim Claims
  • Key Considerations Impacting the Liquidation Estate
  • Funding
  • Country Summary
  • Other Recovery Avenues
  • General Issues to be Considered in Managing the Estate
  • Next Steps


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