ECAMC » receiverships

receivership

Pursuant to Part X – Receivership and Compulsory Liquidations of the Banking Act, 2015, the Eastern Caribbean Central Bank (the “Central Bank”) has the power to appoint a receiver for a licensed financial institution or licensed financial holding company where:

receivership

Pursuant to Part X – Receiverships and Compulsory Liquidations of the Banking Act, 2015, the Eastern Caribbean Central Bank (the “Central Bank”) has the power to appoint a receiver for a licensed financial institution or licensed financial holding company where:

It is insolvent;
It is not viable;
Its capital is impaired or its condition is otherwise unsound;
It has experienced substantial dissipation of assets or earnings due to any of the grounds for action by the Central Bank under subsection (1) of section 75;
It or its directors, officers, employees, or significant shareholders wilfully violate or fail to comply with an order or direction of the Central Bank under sections 75 to 87;
Its business is being conducted in an unlawful or imprudent manner;
The continuation of its activities is detrimental to the interests of its depositors;
It conceals or refuses to submit any of its records or its operations for examination as provided for in section 74, or has otherwise obstructed such examination;
Its licence has been revoked in accordance with section 14 or section 76;
Official administration is terminated pursuant to paragraph (b) of subsection (2) of section 137; or
It is carrying on banking business without a licence.

ABI Bank Ltd. (In Receivership)

In July 2011, the Central Bank assumed control of ABI Bank Ltd., thereby placing the institution in conservatorship. ABI Bank Ltd. was placed in receivership on November 27, 2015, with the Central Bank’s appointment of Megan Samuel-Fields as receiver. In January 2016, the licence of ABI Bank Ltd. was revoked by the Central Bank. On July 21, 2017, contemporaneous with the Corporation commencing its business, the Central Bank removed Megan Samuel-Fields as receiver and appointed the ECAMC in her stead.

Banking Act of Antigua and Barbuda

Pursuant to subsection 156 (3) of the Banking Act, No. 10 of 2015 of the laws of Antigua and Barbuda (the “Banking Act”), ABI Bank Ltd. (In Receivership) had an initial life span of five years to November 26, 2020. This life span was extended by the Central Bank for another five years to November 26, 2025. As receiver of ABI Bank Ltd., ECAMC is seeking to maximise the recovery on assets and is making payments to creditors pursuant to the priority of claims prescribed by section 153 of the Banking Act.