With the appointment of the Liquidator, all responsibilities of the administrator, the Board of Directors and the Management of the Insurer in relation to its management cease. The liquidator will be available to review all claims, primarily policyholders as well as other creditors. The liquidator will report on a monthly basis to the CBK regarding the progress of fulfillment of obligations to creditors.
What had been for over a year a serious dislocation in international financial markets, but one which seemed to be being managed, turned quite suddenly into a very serious crisis during the weeks following the failure of Lehman Brothers on 15 September.