Lifeline for CLICO in Barbados

(Barbados Nation) Cash-strapped CLICO has been pulled from the brink of liquidation and given a new lease on life by the High Court.

But there could yet be another hurdle in the way following judicial approval of Government’s “Barbados-first” restructuring plan, with lawyers representing the Eastern Caribbean Currency Union (ECCU) now seeking leave to appeal the decision.

That matter is expected to be heard within the next two weeks.

On Thursday, following three months of deliberation, Justice William Chandler gave the green light for the proposed reconstruction of CLICO International Life Insurance Limited (CIL) as submitted by the Ministry of Finance and endorsed by judicial manager Deloitte Consulting Limited and the Barbados Investors and Policyholders Alliance Inc.

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