There has been a recent development in the case of EU insurer Enterprise Insurance several months after it was declared insolvent.
Earlier this week, the Gibraltar Financial Services Commission (GFSC) appointed Tony Woodcock and John Fordham of Stephenson Harwood LLP as independent inspectors to investigate the insolvency of Enterprise and the conduct of its directors and auditors.
The Enterprise special committee will be the decision making panel in the regulatory inquiry relating to the insurance firm, its directors and auditors. It will also have the responsibility of acting as the GFSC audit regulation committee.
Registered in Gibraltar, Enterprise went into provisional liquidation in July 2016 and Frederick White of Grant Thornton was appointed as provisional liquidator.
In October, White submitted his report to the Supreme Court of Gibraltar confirming that Enterprise is insolvent with a prospective balance sheet deficit of some £96 million.
The Supreme Court of Gibraltar then executed an order placing Enterprise into liquidation and appointed White as liquidator.
As of February 03, the Financial Services Compensation Scheme (FSCS) had made over 33,000 return of premium payments to former Enterprise policyholders. This represents 75% of the total number of Enterprise motor policyholders.