Liquidatio​n Update

TO ALL KNOWN CREDITORS OF BANCO TRASATLANTICO LIMITED (DOMINICA)

Please find attached the Liquidators’ third report to creditors in respect of the Liquidation of Banco Trasatlantico Limited (“the Bank”).

Please take note of the following points:

•    The Liquidators have spent a significant amount of time attempting to realise the Bank’s assets. Despite the balance sheet on appointment showing assets of $41 million, only $0.3 million has been realised since the date of Liquidation over 2 years ago.

•    The majority of the Bank’s assets were invested in, or loaned to, entities related to the Bank’s majority shareholder (Valdimir Antonov).  Such investments and loans lacked commercial propriety, were poorly documented, were not properly secured, and have proved unrecoverable.

•    Approximately 20% of the Bank’s assets were placed with AB Banco Snoras, a bank in which Mr Antonov has an interest, and which is in bankruptcy administration in Lithuania.  Based on reports filed by the Bankruptcy Administrator with the Court in Lithuania we are not expecting any recovery of these funds.  The Bankruptcy Administrator is continuing to seek extradition of Mr. Antonov from London to Lithuania to stand for charges filed against him.

•    As a result of the above factors there are currently no funds available for distribution to creditors.

•    The key remaining asset in the Liquidation is land in Dominica.  Any proceeds from the sale of this land will be used to cover the costs of the Liquidation including all liquidator, legal and agent’s fees.  Thereafter, any remaining funds will be distributed pro rata to creditors equally as a percentage of their admitted claim.  The Liquidators received claims of $27 million.  The land was previously valued between $1.5 million and $2.4 million and therefore following a successful sale of the property, creditors will only receive a small percentage (less than 10%) of their claim.  Note that net proceeds may fall below the previous values indicated and there is no guarantee that there will be any funds returned to creditors.

•    This update and report is being sent to you as our records indicate that you were a former deposit holder in the Bank.  All former deposit holders of the Bank are creditors in the Liquidation.

A further update will be provided to creditors as matters progress.

For and on behalf of Banco Trasatlantico Limited (Dominica)


Patrick Toppin
Liquidator


12 February 2013

To the Creditors of Banco Trasatlantico Limited (In Liquidation)

Please be advised that the Liquidators are in the process of preparing a comprehensive report that will address the projected amount and timing ofrecovery from the liquidation of the assets of Banco Trasatlantico Ltd (in Liquidation). This report will be issued to all creditors in March 2013.

Thank you for your patience in this matter. Kindly address any comments or queries to the Liquidators' email address at liquidators@bancotrasatlantico.dm.

 

Oliver Jordan                                                               Patrick Toppin
Official Joint Liquidator                                                 Official Joint Liquidator
Banco Trasatlantico Limited (In Liquidation)                    Banco Trasatlantico Limited (In Liquidation)



2 February 2013

To the Creditors of Banco Trasatlantico Limited (In Liquidation)

As we noted in our previous communication, the Liquidators' efforts to secure recovery from the assets of the company are ongoing. However, given the illiquid nature of the assets, not much progress has been made since our last contact. We are therefore unable to provide any significant update or advise on possible distribution at this point.

Thank you for your patience in this matter. Kindly address any comments or queries to the Liquidators' email address at liquidators@bancotrasatlantico.dm.

 

Oliver Jordan                                                               Patrick Toppin
Official Joint Liquidator                                                 Official Joint Liquidator
Banco Trasatlantico Limited (In Liquidation)                    Banco Trasatlantico Limited (In Liquidation)



NOTICE OF APPOINTMENT OF LIQUIDATORS

At the suit of the Attorney General of the Commonwealth of Dominica (HCV 173 of 2012) Mr. Justice Brian Cottle of  the High Court of Justice ordered on June 29, 2012 that the Company Banco Transatlantico Ltd.  (In Receivership) be compulsorily liquidated on the basis of its insolvency pursuant to the Offshore Banking Act No. 8 of 1996 and appointed Oliver Jordan and Patrick Toppin of Deloitte Consulting Limited of Barbados as Official Joint Liquidators.

NOTICE IS HEREBY GIVEN:

To all persons indebted to the Company to render an account of the amount owing and to pay that amount to the liquidator within one month of the publication of this notice.

To all persons who have custody or control of property, rights or interest in the Company to notify the liquidator and return the property within one month of the publication of this notice.

To all persons who have a claim against the Company to provide particulars in writing by August 30, 2012 using instructions provided on http://bancotrasatlantico.dm/

Dated this 10th day of July 2012,

Oliver Jordan                                                                 Patrick Toppin
Joint Liquidator                                                              Joint Liquidator
Banco Trasatlantico Limited (In Liquidation)                     Banco Trasatlantico Limited (In Liquidation)


Dear Creditor,

At the suit of the Attorney General of the Commonwealth of Dominica (HCV 173 of 2012) Mr. Justice Brian Cottle of  the High Court of Justice ordered on June 29, 2012 that the Company Banco Transatlantico Ltd.  (In Receivership) be compulsorily liquidated on the basis of its insolvency pursuant to the Offshore Banking Act No. 8 of 1996 and appointed Oliver Jordan and Patrick Toppin of Deloitte Consulting Limited of Barbados as Official Joint Liquidators.

The liquidators require all creditors to submit their financial claims by 30 August 2012.

Failure and/or delays to meet time requirements set above, or to provide all required information may result in the claim not being accepted.

For submission of financial claims we recommend that you use the creditor claim form.

Please fill in the form in capital letters and provide all the information indicated in the form clearly and correctly. The form must be signed by you as the creditor. If the form is signed by a person authorized by you, the copy of the power of attorney or other authorizing document must be attached to the form.  You must provide copies of any documents (if available) evidencing your claim (e.g. account statements, invoices, contracts etc.) together with the attached form.

You are also required to swear to an affidavit verifying your debts using an affidavit form.

Please send the claim with all the attachments to the following address:

Banco Trasatlantico (Dominica) Limited (In Liquidation)
c/o Kevin Williams
Cnr Church & Old Streets
P.O.Box 1671
Roseau
Commonwealth of Dominica
Fax 1-767-448-0949

Oliver Jordan                                                              Patrick Toppin
Joint Liquidator                                                           Joint Liquidator
Banco Trasatlantico Limited (In Liquidation)                  Banco Trasatlantico Limited (In Liquidation)