Announcement

By order of the High Court of Justice of Saint Vincent and the Grenadines (“the Court”), dated 24 August 2018, under the provisions of the International Business Companies Act Chapter 149 of the Revised Laws of Saint Vincent and the Grenadines 2009 (hereinafter referred to as "the Order"), Mr. lkins Clarke and Ms. Joan "Betty" Brathwaite, both of Deloitte & Touche, located in The Goddard Building, Haggatt Hall, St Michael, Barbados (“Deloitte”), were appointed as Joint Liquidators of Loyal Bank Limited ("the Bank").

On 31 May 2019, Ms. Brathwaite retired from Deloitte and by order of the Court effective 1 June 2019, Ms. Brathwaite was released from her duties as one (1) of the Bank’s Joint Liquidators and Mr. Rikhi Rampersad, a partner at Deloitte & Touche Trinidad, was appointed to serve as a successor Joint Liquidator along with Mr. Clarke.

In accordance with the terms of the Order, Mr. Raymond Haynes, Ms. Tiphaney Russell and Mr. Darren Reeds were duly appointed as agents of the Joint Liquidators with full authority to act on behalf of the Joint Liquidators. As Agents, they are also empowered to take full action and control of Loyal Bank Limited and its assets and properties, including its known subsidiaries. On 30 June 2019, Mr. Darren Reeds resigned from Deloitte. Accordingly, the Joint Liquidators have appointed Mr. Ryan Jarvis as one of their Agents, effective 1 July 2019.

As a result of the aforementioned, Messrs. Ikins Clarke and Rikhi Rampersad and their Agents, Mr. Raymond Haynes, Ms. Tiphaney Russell and Mr. Ryan Jarvis, are the only individuals authorized to represent the Bank or conduct business on the Bank's behalf and are duly authorized to liaise with all stakeholders regarding this matter.

In accordance with the Order, the Joint Liquidators continue to execute their duties in the Bank’s winding up proceedings, which includes taking steps to realise the Bank's assets and assess its liabilities. Updates and notices on this process will be posted on the Bank's website or will be sent in secure communication to the Bank's stakeholders as required. Please be mindful of any unsolicited emails or calls.

Date Please click below to access document(s)
26 June 2019 Status Update to Creditors
20 September 2018 Liquidation Court Order
15 November 2018 Notice to Depositors
15 November 2018 Notice to Creditors
15 November 2018 Liquidation Frequently Asked Questions (FAQs)
15 November 2018 Proof of Debt Form
14 February 2019 Liquidation FAQs
14 February 2019 Advisory Notice to all Depositors

Stakeholder queries can be directed to: loyalbankliquidation@deloitte.com

Ikins D. Clarke Rikhi Rampersad
Joint Liquidator Joint Liquidator
For and on behalf of For and on behalf of
Loyal Bank Limited ("In Liquidation") Loyal Bank Limited ("In Liquidation")