• Home
  • Articles
  • Leadenhall Bank’s insolvency estimated at $11.3 m
Articles Bahamas Banks & Trusts Featured Liquidations & InsolvenciesMarch 6, 2006

Leadenhall Bank’s insolvency estimated at $11.3 m

mm
By
19 years ago

Topics

Bahamas Banks & Trusts Liquidations & Insolvencies

Keywords

Alfred Lenarciak Andrea O’Donnell Axxess International Brian Copsey Carib Insurance Agency
Cash 4 Titles Christopher Donnachie Craig Gomez Daniel Rosenthal David Rounce Delroy Howell Dimethaid Research Inc. First Financial Caribbean Trust Company Galmo Williams Joan Lightbourne John Bethel John London Joseph Marzouca Kenarthur Mitchell Leadenhall Bank & Trust Liquidations & Insolvencies Neil MacTaggart Robin Symonette Terrance Gape Timothy Lightfoot Tyrone Darville William Jennings William Saunders
[ 23 more... ] [ top 5 ]

Bahamas-based Leadenhall Bank & Trust Ltd., which was closed down by regulators seven months ago, may be insolvent by more than $11 million. That was the glum news for creditors in the first report of liquidator Craig A. (Tony) Gomez on December 9, 2005.
On paper, the bank had shareholders’ equity of $1.6 million as of October 3, 2005, with assets of $29,864,139, including $20.4 million in cash, and liabilities of $28,235,807. “However my review has revealed that the balance sheet includes loans and past due credit card receivables totaling $6.6 and $6.3 million, respectively, and that both balances are either unsecured or inadequately collateralized,” stated Gomez in his report.