Log In

Reset Password

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.

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.