Friday, April 28, 2006

Although the trouble is not entirely over for those waiting for payout from the bankrupt insurer Dyoll, the joint liquidators have said that creditors will receive an interim dividend of 12 percent in May.

Approved by the Supreme Court of Jamaica details have been placed in the print media with instructions for creditors.

Kenneth M. Krys and John W. Lee of RSM the liquidators, said in a statement that they were in the final stages of entering a scheme of arrangement in an attempt to avoid the Judicial Review application against the Financial Services Commission. They said this will be less time consuming and cheaper.

The Scheme will be presented to the Court during July. The legal wrangling still continues over the money deposited in Jamaica and the Cayman Islands and which creditors will get access to which funds.

The liquidators said however that depending on the ruling given by the Court, more funds may be available for distribution to policyholders as early as August 2006  and they expected to see a distribution in the range of 12 to 15 percent.

They are also hopeful that a third dividend may be declared before the end of the year.  The Court is currently hearing two requests for directions regarding the reinsurance recoverables of certain policies.

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