Stanford liquidator faces new battle over UK assets
US liquidator in High Court appeal to sieze UK assets of collapsed bank
The liquidator of Sir Allen Stanford’s bank in Antigua will face a further
battle to keep its UK assets from being seized to pay off creditors across the
rest of his collapsed business empire in the US.
The British liquidator of the Stanford International Bank, Nigel
Hamilton-Smith, won a critical High Court battle two weeks ago halting efforts
by a US liquidator to take control of $100m (£61m) in assets in the UK.
Hamilton-Smith, of Vantis Business Recovery Services, told Accountancy
Age that it was crucial that assets of SIB in the UK should be used for
creditors of the bank and not moved to the US to settle the claims of creditors
of numerous companies Stanford controlled there.
‘It’s important the assets of SIB are returned to Antigua to be distributed
to creditors of SIB and not lost in the Stanford business empire,’ he said.
The bank collapsed with debts of $7.2bn. UK assets of the bank are said to
include $5m in cash with the balance being made up of shares and investments.
However, the US liquidator, Ralph Janvey, has been given leave to appeal the
High Court ruling, which Hamilton-Smith expects to take place in the autumn. He
has agreed to withhold proceeds from the assets until the appeal has been
concluded. Hamilton-Smith estimates he and joint liquidator Peter Wastell will
realise between $500m and $1bn for SIB creditors.