BCCI SA (In Liquidation)

BCCI (Overseas) Ltd (In Liquidation)

BCCI Holdings (Luxembourg) SA (In Liquidation)

BCCI (In Liquidation)

www.bcci.info 

LIQUIDATION CLOSURE
PROCEDURES
Update - May 2013

Bank of Credit and Commerce International SA

 

ENGLISH LIQUIDATION

All necessary steps have now been taken to effect the final closure of the English, Scottish and Isle of Man liquidations. As at 15 May 2013, all Provisional Liquidators/Liquidators appointed in those jurisdictions have vacated office and obtained their release from office and discharge from liability.

The final Receipts and Payments Account for the English Liquidation is available here. These figures update the figures in Section 3 ("Income and Expenditure Account for the Period 5 July 1991 to closure") in the 16 March 2012 Report on the English Domestic Liquidation, which were as at 30 November 2011.

 

LIQUIDATION CLOSURE
PROCEDURES
Update - April 2013

Bank of Credit and Commerce International Holdings (Luxembourg) SA
Bank of Credit and Commerce International SA
Bank of Credit and Commerce International (Overseas) Ltd.
Credit and Finance Corporation Ltd.
International Credit and Investment Company (Overseas) Ltd.

 

UNPAID DIVIDENDS / CLOSURE

The Liquidators appointed in the Cayman Islands, Luxembourg, England, and the United Arab Emirates, in relation to the BCCI/ICIC/CFC companies referred to above, (the "BCCI Liquidators") have now paid all dividends that will be made from their respective liquidations.

Any remaining unpaid dividends together with details of the unpaid admitted creditors have been, or will shortly be, transferred to the relevant government authorities/statutory trustees and the liquidations will be proceeding to final closure.

Creditors should no longer contact the BCCI Liquidators but should communicate with the relevant government authorities/statutory trustees if they wish to receive their unpaid dividends. Contact details for the relevant government authorities/statutory trustees for each estate, are provided below.

LUXEMBOURG LIQUIDATIONS

The Luxembourg Liquidator has applied to the Luxembourg Court for final closure orders dealing with the appointment of a final expert to review and report on the accounts/budgets from 1 May 2012 through to closure, and seeking his release as Liquidator and the dissolution of BCCI SA and BCCI Holdings.

The first hearing of the application is currently listed to take place on 19 April 2013 following which the expert will be appointed. It is currently anticipated that the Luxembourg Court will then make its final closure orders in June 2013.

In order to receive any unpaid dividends, creditors of BCCI Holdings or BCCI SA whose claims were admitted for dividends to be paid from either of these Luxembourg liquidations should now contact:

Tresorerie de l'Etat - Caisse de Consignation
3 rue du St. Esprit
L-1475 Luxembourg

Tel No: +352 2478 2777
Fax No: +352 46 72 62
Email: BCCI@ts.etat.lu

The Caisse de Consignation will tell creditors what they need to do in order to receive unpaid dividends. The Caisse de Consignation however will not be in a position to make any payments until relevant Court procedures in Luxembourg are completed and appeal period expired, expected to be during September 2013.

CAYMAN LIQUIDATIONS

A further hearing took place before the Cayman Court on 21 March 2013 at which the Court ordered the discharge of the Cayman Liquidators and the dissolution of the Cayman companies. The necessary papers having been filed with the Companies Registry, the Cayman companies have now been dissolved.

In order to receive any unpaid dividends, creditors of BCCI Overseas, CFC, or ICIC Overseas, whose claims were admitted for dividends to be paid from any of these Cayman liquidations should now contact:

Until March 2014:

The Statutory Trustees
c/o Deloitte
Citrus Grove
Goring Avenue
Grand Cayman KY1 1109
Cayman Islands

Tel No: +1 345 949 7500
Fax No: +1 345 949 8238
Email: bccicayman@deloitte.com

From April 2014:

The Financial Secretary
Ministry of Finance, Tourism and Development (Public Finance)
Cayman Islands Government
Government Administration Building
Grand Cayman KY1 9000
Cayman Islands

Telephone No: +1 345 944 7900 x2404/2408
Fax No: +1 345 949 9538
Email: Kenneth.Jefferson@gov.ky

ENGLISH LIQUIDATION

Please note the majority of creditors who filed their claims in the English liquidation of BCCI SA will have had their claims admitted for dividends to be paid from the Luxembourg liquidation of BCCI SA. These creditors should contact the Caisse de Consignation in Luxembourg (see "Luxembourg Liquidations" section above for details) in order to receive any unpaid dividends.

Creditors of BCCI SA whose claims were admitted for dividends to be paid from the English liquidation who wish to receive unpaid dividends, should now contact:

EAIPS Unclaimed Team
The Insolvency Service
Cannon House
18 Priory Queensway
Birmingham B4 6FD
UK

Tel No: +44 (0) 121 698 4068
Email: EAIPS.Unclaimed@insolvency.gsi.gov.uk

It is anticipated that the English Liquidators will file the necessary papers with the English Court and the Registrar of Companies in order to effect their release as liquidators of BCCI SA, at the end of April 2013.

UAE LIQUIDATION

The Liquidators appointed in the UAE will, in July 2013, submit a final report to the Central Bank of the UAE and BCCI Holdings (in its capacity as shareholder), with a copy to the UAE Ministry of Economy and the Abu Dhabi Department of Finance.

The UAE Liquidators' term of office expires on 30 September 2013, and thereafter they will be discharged.

Creditors of BCCI SA whose claims were processed for admission through the UAE liquidation who wish to receive unpaid dividends, should now contact:

Liquidation Administration Office
PO Box 2255
Abu Dhabi
UAE

FUTURE UPDATES

The Cayman procedures having been completed and the Cayman companies dissolved, there should be no further updates concerning the Cayman Liquidations.

It is anticipated that the BCCI Liquidators in each of the other estates will post one further update on the website in due course confirming their respective releases/discharges as liquidators.

This website will remain live until April 2014.