Ernst & Young have issued their first report to creditors on NWIC
A copy of the report can be found here
The report makes interesting reading. It is very detailed and runs to 58 pages but it can be summarised in 4 words; there is no money.
Obviously that news comes as no surprise and to any of us at this stage but the extent of the liabilities racked up by this company and the pitiful assets they had to back them is still shocking.
Essentially the company seem to have had a small amount of cash in the bank and a three bedroom property in Nevis (total value of both less than $1m) to back up policies on which they have incurred losses already of over $100m (with more to come as other developments inevitably go bust).
Anyway, what is now very clear, is that if investors want their money back they need to look elsewhere and not be expecting anything from this or any of the other liquidations.
There is a creditors meeting on the 17th June and our lawyers will be arranging for the group to be represented at that meeting and there will be a seperate post shortly about the arrangements for submitting a proof of debt in the liquidation and appointing Lucas & Co as a proxy to vote at that meeting.