Vantis receiver Nigel Hamilton-Smith has uncovered a $6bn (£3.9bn) black hole
in the remains of Stanford International Bank.
The financial institution, owned by cricket-loving tycoon Allen Stanford went
into receivership last year after its operations were exposed by the financial
Hamilton-Smith, head of corporate restructuring at Vantis Business Recovery
News: “There is meant to be funds from the sale of certificates of deposits
worth $7.3bn. However, the only assets existing are worth between $500m and
$700m creating this $6bn hole in Stanford International Bank.”
Vantis has also suffered as a result of taking on the receivership. The firm
received a going concern warning from its auditors Ernst & Young because of
uncertainty about whether it would receive money owed from its work at Stanford.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children