Stanford liquidators fight to stay on after Vantis MBO
After spin-out, former Vantis parters Nigel-Hamilton-Smith and Peter Wastell face anxious wait to see whether a Caribbean court will allow them to continue as Stanford liquidators
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