Belvedere Insurance liquidators chase ‘illegal’ dividends

By David Marchant

26 years ago

Topics

Bermuda Insurance

Keywords

Anthony McMahon Bermuda Insurance Market Calban Holdings Ltd. Colin OConnor Malcolm Butterfield

Thomas Hamill

[ 1 more... ] [ top 5 ]

The liquidators of Belvedere Insurance have placed its holding company, Caliban Holdings Ltd., into provisional liquidation in a bid to recover up to $2.2 million that was dividended out of Belvedere in 1996.Although Malcolm Butterfield and Anthony McMahon are seeking to recover the full amount on behalf of Belvedere’s creditors, they are particularly concerned about $663,000 of the dividend that was technically illegal under Bermuda law.

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