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 was revoked by the Central Bank.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.

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.