HOUSTON,  (Reuters) – Stanford International Bank  Ltd, which has been placed in liquidation, has far more  liabilities than assets, the U.K. receivers appointed to  oversee the company’s Antiguan operations said yesterday.

Texan Allen Stanford and two of his aides are charged with  an $8 billion fraud by the U.S. Securities and Exchange  Commission.

The alleged scheme involved high-yield certificates of  deposit issued by the Antigua bank, regulators said.

“It quickly became apparent that there were a large number  of investors seeking to withdraw funds and the bank’s cash  reserves were wholly inadequate,” Nigel Hamilton-Smith, the  bank’s receiver said in a statement. “It is also now apparent  that the assets of SIB are insufficient to meet the level of  liabilities.”

The liquidators said they are unable to forecast the extent  of the bank’s deficit at this time, but it is likely to be  substantial.

Hamilton-Smith and Peter Wastell, partners at Vantis  Business Recovery Services, a division of Vantis <VTS.L>, were  named joint liquidators for Stanford International Bank Ltd on  April 15 by an Antiguan court.

The bank’s accounts will remain frozen as the receivers  continue their hunt for funds, and the distribution of assets  is not expected any time soon, Hamilton-Smith said.