Last updated: 9 July 2009
Stanford International Bank Limited (SIB or 'the Bank') – In Liquidation
- What is a Liquidation?
A Liquidation is a Court driven process whereby a liquidator is a person who becomes responsible for identifying and realising the Company's assets. The liquidator will also agree creditor claims and in due course distribute the realised assets to creditors.
- SIB was in Receivership why is it now in Liquidation
The receivership was a process that allowed for the receiver-managers to assess whether the affairs of SIB could be re-organised. The receiver-managers concluded that the affairs of SIB could not be re-organised as it was established that the assets of SIB are significantly less than its liabilities. The liquidation allows for the realisation of SIB's assets to continue and for creditor claims to be formally agreed.
- My account is frozen, what does this mean?
Can I cash my Certificate of Deposit? No. As all accounts are frozen there can be no withdrawals.
- What do I need to do to submit a claim for the monies due to me?
Investors may register their claims against SIB by visiting https://stanford.vantisplc.com/ via the Online Claims System
In addition to providing investors with a cost efficient and secure method of registering their claim, once registered, they will be able to monitor the status of their claim and receive updates directly from the joint liquidators on the progress of the liquidation.
For investors who do not have access to a computer or do not wish to register online, it will remain possible to submit their claims in writing directly to the joint liquidators via the headquarters of SIB in Antigua (Address: Stanford International Bank – In Liquidation, No. 11 Pavillion Drive, St John’s, Antigua, West Indies).
- Is my bank statement available online as usual?
No. Bank statements are no longer available to view online. You can view your balances when you have registered via the Online Claims System at https://stanford.vantisplc.com/
- How do I request my “hold mail”?
You can view your account when you have registered via the Online Claims System at https://stanford.vantisplc.com/
- Who are the Financial Services Regulatory Commission in Antigua?
Information on the Financial Services Regulatory Commission can be found on their website at http://www.fsrc.gov.ag/
- How long does this process last and when can I expect to receive the monies available to me?
SIB's assets are located around the world and it will be a complex and lengthy process to identify and recover all assets and monies that we believe are owned or owed to SIB. Whilst it is not possible to accurately assess how long the process will take we presently estimate that it may take a number of years to complete the asset identification and recovery work.
The liquidators will seek to make interim distributions to creditors as and when there are available funds. At present the liquidators would not envisage that funds will be available for an initial distribution within the next 6 months i.e. not before October 2009.
- How much am I likely to receive?
Based upon the assets identified to date, the liquidators believe that there will be a significant shortfall of assets against monies owing to investors and other creditors. It will not be possible to provide an accurate assessment of what monies will be paid back to investors and creditors for a number of months.
- How are funds distributed? Is there an order of priority?
The Liquidators' aim is to ensure that all investors and depositors are treated equally. However, given the worldwide activities of SIB, there will be different laws in different countries that will have to be managed as and when funds are available to be returned to investors.
- How will monies be paid to investors?
Investors will be contacted when we have a clearer picture of any payments to be made and advised of the arrangements in due course.
- What is the status of instructions already submitted to the bank?
SIB is not dealing with any further instructions not already dealt with as all of the bank accounts have now been frozen.
- Can I send requests for information to the Bank?
No. All enquiries should be directed to stanfordenquiries@vantisplc.com .
- How do I advise the Bank and the liquidators of a change of address?
You can change your address when you have registered via the Online Claims System at https://stanford.vantisplc.com/
- I have heard that the US Receiver is looking to release funds to investors invested in Stanford. Does that mean I will receive any monies from SIB?
The US Receiver is referring solely to clients who held brokerage accounts with Stanford Group Company where assets are held in client's individual names. Regrettably this does not relate to the return of monies for clients who held Certificates of Deposit issued by SIB and all sums invested in SIB remain frozen.
- Should I consult a lawyer?
From the Liquidators' perspective, having a lawyer will not cause for you to be paid any monies any earlier than any other investor, and failure to appoint a lawyer will not prejudice your status as a party owed money by Stanford International Bank or Stanford Trust Company Ltd.
- My account with Stanford International Bank is through Stanford Trust Company Limited - in Receivership (STC). How do I register my claim?
STC is still in Receivership and is not currently in a position to formally agree claims with its clients and creditors. Please also note that you will not be able to register a claim through the Stanford International Bank Limited (SIB) online claims management system at this time . The Liquidators of SIB are, however, aware of the position of STC and its creditors, and know that claims will be formally registered with SIB in due course and STC will advise you at a later date how you can register your claim.