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Choice Bank of Belize faces liquidity problems
- Thread starter Caporaso and Partners
- Start date
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We have evaluated your claim against Choice Bank in respect of sums totaling US$9,108.42 which you sought to prove in the liquidation of the bank.
The Liquidator has allowed $ 0.00 as proven.
Please appreciate that the amount of your claim allowed is not necessarily the amount that will be paid to you. The amount to be paid will depend on several factors including, but not limited to, total number of claims determined as valid, amounts realized from assets, sum collected or paid as resolution of existing lawsuits.
The Liquidator has rejected your claim or a portion of your claim for the following reasons:
The Liquidator has doubts about the validity of the amount claimed and/or did not receive sufficient proof of your claim.
If you wish to object the decision of the Liquidator then you may do so by filing an objection with the Central Bank of Belize, no later than March 20, 2019.
An objection form will be available for download from our website: www.choicebanklimitedinliquidation.com , starting March 1, 2019 the earliest date on which an objection may be filed.
As you are an unsecured creditor, your claim will be given the priority stipulated by law (Section 116(2) of the Domestic Banks and Financial Institutions Act, a copy of which appears on our website, www.choicebanklimitedinliquidation.com), and you will be paid accordingly.
We will be advising you by email, as well as by our website, on information about payment.
Regards,
Cedric Flowers
Liquidator, for and on behalf of Choice Bank Limited
The Liquidator has allowed $ 0.00 as proven.
Please appreciate that the amount of your claim allowed is not necessarily the amount that will be paid to you. The amount to be paid will depend on several factors including, but not limited to, total number of claims determined as valid, amounts realized from assets, sum collected or paid as resolution of existing lawsuits.
The Liquidator has rejected your claim or a portion of your claim for the following reasons:
The Liquidator has doubts about the validity of the amount claimed and/or did not receive sufficient proof of your claim.
If you wish to object the decision of the Liquidator then you may do so by filing an objection with the Central Bank of Belize, no later than March 20, 2019.
An objection form will be available for download from our website: www.choicebanklimitedinliquidation.com , starting March 1, 2019 the earliest date on which an objection may be filed.
As you are an unsecured creditor, your claim will be given the priority stipulated by law (Section 116(2) of the Domestic Banks and Financial Institutions Act, a copy of which appears on our website, www.choicebanklimitedinliquidation.com), and you will be paid accordingly.
We will be advising you by email, as well as by our website, on information about payment.
Regards,
Cedric Flowers
Liquidator, for and on behalf of Choice Bank Limited
They put up the Objection Form
http://www.choicebanklimitedinliquidation.com/en/wp-content/uploads/2019/03/Objection-form2.pdf
http://www.choicebanklimitedinliquidation.com/en/wp-content/uploads/2019/03/Objection-form2.pdf
They posted updates on their site . go read .is very long to be posted here
Summary of Schedule Plan – Choice Bank Limited in Liquidation
Statutory Priority of Claims
Unsecured claims against Choice Bank will be paid in accordance with the following priority schedule,
prescribed by Section 116 of the DBFIA:
i. firstly, credits extended to Choice Bank by the Central Bank until the appointment of the Liquidator;
ii. secondly, credits extended to Choice Bank prior to the appointment of the Liquidator and under collateral whose object are Choice Bank’s assets and to the extent of such collateral;
iii. thirdly, the necessary and reasonable expenses incurred by the Liquidator, including professional fees in carrying out his functions;
iv. fourthly, the wages and salaries of the officers and employees of Choice Bank (whether or not earned wholly or in any part by way of commission) including any amount payable by way of allowance or reimbursement under any contract of employment, that accrued during the three months immediately preceding the appointment of the Liquidator, provided that such amount does not exceed five thousand (Belize) dollars;
v. fifthly, all deposits in amounts not exceeding five thousand (Belize) dollars per depositor, respectively;
vi. sixthly, all taxes due and other imports owing to the Government of Belize;
vii. seventhly, the fees, debts and assessments owing to the Central Bank of Belize;
viii. eighthly, credits extended to Choice Bank after the appointment of the Liquidator;
ix. ninthly, all other deposits;
x. tenthly, all other unsecured claims of creditors;
xi. eleventhly, subordinated debt;
xii. twelfthly, late claims;
xiii. finally, shareholders.
Summary of Schedule Plan – Choice Bank Limited in Liquidation
Statutory Priority of Claims
Unsecured claims against Choice Bank will be paid in accordance with the following priority schedule,
prescribed by Section 116 of the DBFIA:
i. firstly, credits extended to Choice Bank by the Central Bank until the appointment of the Liquidator;
ii. secondly, credits extended to Choice Bank prior to the appointment of the Liquidator and under collateral whose object are Choice Bank’s assets and to the extent of such collateral;
iii. thirdly, the necessary and reasonable expenses incurred by the Liquidator, including professional fees in carrying out his functions;
iv. fourthly, the wages and salaries of the officers and employees of Choice Bank (whether or not earned wholly or in any part by way of commission) including any amount payable by way of allowance or reimbursement under any contract of employment, that accrued during the three months immediately preceding the appointment of the Liquidator, provided that such amount does not exceed five thousand (Belize) dollars;
v. fifthly, all deposits in amounts not exceeding five thousand (Belize) dollars per depositor, respectively;
vi. sixthly, all taxes due and other imports owing to the Government of Belize;
vii. seventhly, the fees, debts and assessments owing to the Central Bank of Belize;
viii. eighthly, credits extended to Choice Bank after the appointment of the Liquidator;
ix. ninthly, all other deposits;
x. tenthly, all other unsecured claims of creditors;
xi. eleventhly, subordinated debt;
xii. twelfthly, late claims;
xiii. finally, shareholders.
Most of us are Prepaid Cardholders right ?
amount reserved for us this distribution is 266,564$ from 16,223,33 .
amount reserved for us this distribution is 266,564$ from 16,223,33 .
The amount reserved for this distribution . will be another distribution in few months i think and we will get what is left . i expect to get 15-20 % back or NOTHING .
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