Mentor liquidators sue insurer
company as they continue to pursue claims on behalf of the failed Bermuda insurer.
Mr. Charles J. Kempe and Mr. Nigel J. Hamilton are seeking $70,031.45 from British National Insurance Company in the latest move to retrieve as much as $20 million from debtors of the company. Just last month writs totalling nearly $750,000 were filed in Supreme Court against nine companies.
Mr. Kempe said the writs were a continuation of efforts to retrieve outstanding debts.
One of the largest insurance liquidations in history, Mentor's liquidators have already paid out $230.6 million to creditors, representing 55 cents on the dollar. There are indications that after nine years in liquidation, a further five cents on the dollar will be distributed.
The total likely of some 60 cents on the dollar was said to be a significant improvement on the 1985 estimate of 25 cents.
Law firm Appleby, Spurling & Kempe represents the liquidators.
