The scale of the issues at Enterprise Insurance continues to escalate after shocking new figures were revealed in the Supreme Court.
According to a report in The Gibraltar Chronicle
, the firm was described in court as “hopelessly insolvent” for more than £96 million – a figure that is nearly four times higher than originally projected.
Now the company’s 10 directors, including its former chairman, are to be subject to a major investigation by the Gibraltar Financial Services Commission with the Commission also calling for the directors who hold regulated positions in other companies to voluntarily stand down until investigations are complete.
After reviewing a report from the liquidator, Mr Justice Adrian Jack noted that there were a “large number of uncertainties” – with claims still not reported. He also noted that the current difference between liabilities and assets stands at £96,453,948.
In addition, Mr Justice Jack accepted an argument that the liquidator’s report be delayed for seven days to give those mentioned in the document time to read and comment on it.
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