Professional Documents
Culture Documents
Loyal Bank Liquidation
Loyal Bank Liquidation
28 September 2018
As appointed Liquidators of Loyal Bank Limited, we have begun the liquidation process and have
completed our initial thirty day period of Phase 1 assessments into the assets, financial position
and operations of Loyal Bank Limited.
This correspondence serves to give you an update on that process and outline at a high level the
next steps to be performed. Since our appointment on August 24th 2018, the Liquidators have
sought to review and investigate the complex operations of Loyal Bank Limited, which is a
standalone financial entity, but also acts as the parent company for five other financial
subsidiaries, with holdings in multiple jurisdictions. To date we have reviewed, the financial and
management accounts of Loyal Bank Limited, commenced a Forensic investigation into all records
and digital data of Loyal Bank, as well as a review of all debts and creditors amounts outstanding.
It is our aim as Liquidators to determine the real value of assets held by Loyal Bank Limited and
to devise a comprehensive and legally binding plan for the realisation of these assets. Realisation
of these assets will allow for the liquidation process to transition smoothly and for a true and clear
financial position to be determined.
The complex nature of these operations have resulted in the need for further investigations. At
this time, we are unable to advise as to a timeline or give a statement on the payment of amounts
and monetary assets to clients. We recognise that you are very much inconvenienced by these
events and are working diligently towards a satisfactory outcome. In the meantime, we ask for
your patience as the investigation continues.
We commit to advising you via periodic updates, but please note that only the below named
persons are authorised to represent the Bank or conduct business on the Bank's behalf.
Yours sincerely
Ikins D. Clarke
Joint Liquidator
For and on behalf of
Loyal Bank Limited ("In Liquidation")