Stanford liquidators fight to stay on after Vantis MBO

by David Jetuah

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30 Jun 2010

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The liquidators of Stanford International Bank will continue in their role after being poached as part of the management buyout of Vantis's business recovery arm.

Nigel Hamilton-Smith and Peter Wastell will stay on, but they are banking on the Eastern Caribbean appeals court reversing an earlier decision to have them removed.

Insolvency experts Jeremy French and Geoff Rowley negotiated an MBO of the Vantis arm to form FRP Advisory, taking 28 partners including Hamilton-Smith and Wastell with them.

In a statement today, FRP stressed the need for Hamilton-Smith and Wastell to be reinstated, in order to protect the interests of investors and creditors.

"Both the joint liquidators and the partners of FRP Advisory are clear that it is of the upmost importance the liquidation of SIB continues to operate without interruption, ensuring the interests of investors and creditors of SIB are protected.

"As such the existing team working on the liquidation remains in place."

All SIB investors who have not yet registered their claim on the Online Claims Management System should do so via the website at https://stanford.vantisplc.com/, where their claims will continue to be processed, FRP added.

The new SIB web pages will shortly be available on the FRP website www.frpadvisory.com

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