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British American policyholders set for one-off payment

Life insurance policyholders of British American Insurance Company (BAICO) will receive a one-off payment once the sale of the company’s building is concluded.

Stephen Lowe, the Official Receiver, said that discussions were ongoing over the sale of the building, in which BAICO has an interest, and while the process had taken longer than expected it was at an advanced stage.

Mr Lowe said that despite failing to finalise the deal by late summer as originally hoped, he was optimistic the deal would go through soon.

“Given the large number of creditors and the costs involved in a distribution, it will be far more cost effective and efficient to make a one-off payment to the creditors,” he said in a statement released today.

“This approach will minimise the administrative burden and the duplication of cost and effort in making multiple distributions to over 5,500 creditors.”

Mr Lowe said that he sympathised with creditors who were frustrated over the time taken to cut the cheques and so if the sale was not completed by the second week of December an interim payment would be made as soon as possible with a second and final distribution made once the proceeds from the sale were received.

A further update for creditors will be made at the end of November.

For more information contact KPMG Advisory Ltd at infoba[AT]kpmg.bm or visit the website at www.kpmg.bm/ba or call the British American hotline on 294-2651.

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Published November 03, 2011 at 3:55 pm (Updated November 03, 2011 at 3:54 pm)

British American policyholders set for one-off payment

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