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Loyal bank in liquidation/Icard

The longer is the liquidation process the better is for Deloitte. Liquidators has to convert the entity's assets into cash for distributions to the entity's creditors, while covering the liquidations costs.
The residual balance, IF ANY, is distributed to the entity's owner/shareholder.


...This is the reason of their continue postponing payment to depositors.

I’ve sent a lot of email and called several times....always got the same response....
They apologies, they say they are working to get things done as fast as possible and bla bla bla...the truth is that they’re only trying to loose as much time as possible to get more money out of it.

I’ve been told delay was initially due to the pandemic, followed by the war in Ucraina and now it’s because the bank needs more documentation...

Come on!!!

How is it possible there is no entity controlling the progress of the liquidation !!???
What is the role of the court and financial service authority of SVG ?
It’s unreal !!

Deloitte did not public any update regarding assets/balance and fees/costs of the liquidation so far... it is unlegal!


Deloitte acts as a key figure in the winding up process ...its main role is to wind up the business of the company, realize the assets to pay off the creditors and other dues and ultimately, in a solvent company to return the balance to the members and bring an END to the liquidation process!!
Hence, various duties are imposed on a liquidator to ensure the fairness of the liquidation process and breach of such duties, expose the liquidator to criminal liability, professional negligence, contempt of court, or/and an order of court removing him as the liquidator.
Various causes of action may arise entitling any aggrieved person such as members or creditors to sue a liquidator for improper conduct and these causes of action are derived from breach of statutory duties under the Act and also other fiduciary duties imposed on a liquidator.

“A liquidator is said to have improper conduct and in breach of his duty when he unilaterally withdraws the assets of the company to pay his own remuneration”

A liquidator is in a fiduciary position in relation to the funds of the company which he holds on trust for both contributories and creditors.
liquidator’s primary role in winding up proceedings is designed to ensure fair distribution of company’s assets to the creditors and/or contributors. In discharging his role, a liquidator stands in a fiduciary position to protect the best interest of the creditors and/or contributors and he is required to perform his duty with high standard of care and diligence attributable to a professional person. This requirement can be seen generally applicable to all of the statutory duties of a liquidator stated under the Act and its Rules. A liquidator also must remember that he is an officer of the court, thus, he may ask for guidance from the court in every case of serious doubt or difficulty in relation to the performance of his duties and is bound to follow the court’s direction.

The question is:

Is the court of SVG monitoring the liquidation progress ?
 
Hi guys,
I agree to threaten them with a class action lawsuit.
They can't keep us in this way with an update once per year; also, it seems they have already declared they could, at most, provide us 40% of overall our money, with no explanation and transparency.
 
Hi guys,
I agree to threaten them with a class action lawsuit.
They can't keep us in this way with an update once per year; also, it seems they have already declared they could, at most, provide us 40% of overall our money, with no explanation and transparency.
getting 40% of your money would be good scenario. I didn't have much there, and told them to keep my money, much easier.
 
Guys let’s threaten Deloitte with a class action lawsuit.
We have to be united and make our voices heard !
I know a legal firm in SVG that could help us but if any of you knows a good attorney please advise.
I am willing to move forward !
Let’s go !! Come on!!
 
I think we should all proceed with a class action lawsuit against Deloitte.
It is clear they have interest to delay payments as much as possible.
There are no updates online, there are no communications to depositor…there is NO transparency at all.
I know a legal firm in SVG that can assist us, if any of you knows of a good attorney as well please share the contact.
Let’s do it !!!
 
I think we should all proceed with a class action lawsuit against Deloitte.
It is clear they have interest to delay payments as much as possible.
There are no updates online, there are no communications to depositor…there is NO transparency at all.
I know a legal firm in SVG that can assist us, if any of you knows of a good attorney as well please share the contact.
Let’s do it !!!
do you really want to waste more money on this? :D
 
I think we should all proceed with a class action lawsuit against Deloitte.
It is clear they have interest to delay payments as much as possible.
There are no updates online, there are no communications to depositor…there is NO transparency at all.
I know a legal firm in SVG that can assist us, if any of you knows of a good attorney as well please share the contact.
Let’s do it !!!
in any case a UAE resident is a UAE resident, whether you spand 2 days or 10 months. Of course if they have reason to believe that you are not resident in the UAE but you are residnet somewhere else, they can make checks and report you. A UAE bank is always safer in this regard.
 

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