THE JOINT Liquidators for Dyoll Insurance Company Ltd, Messrs Kenneth Krys and John Lee has announced their intention to declare a first interim payment to the creditors and claimants of Dyoll Insurance Company in both the Cayman and Jamaica. The payment will commence on October 31, 2005.According to the liquidators "This First Interim Payment will be at a rate of 17 per cent, that is, once Dyoll agrees to the creditors/claimants liability, they will be paid only 17 per cent of the amount agreed on October 31, 2005."
They said "it is expected that there will be additional interim payments until the process of liquidation is completed, this is only the first interim payment". The liquidators further stated that payments will only be made, in the first instance, to those persons who have complied with previous notices sent out through the press and direct mails requesting persons to file a Proof of Debt.
"A Proof of Debt is a declaration by the creditors/claimants stating the amount that is owed by the company and the evidence of such. Once these proofs of debt are filed with the company, the company will confirm or reject the debts based on its own records" stated the Joint Liquidators. "The process of filing proofs of debt will be ongoing, but preference must be given, in the first instance, to those who have made the effort to respond to the previous notices".
The Joint Liquidators indicated that during the month of October 2005, there will be additional public notices informing all creditors/claimants of Dyoll Insurance Company Limited of further details on the proposed payment.
Both John Lee of Price-WaterhouseCoopers, Jamaica, and Kenneth Krys of RSM Cayman Islands, were formally appointed by the Supreme Court of Jamaica as liquidators on August 18, 2005, based on a decision of the creditors at a meeting held on July 27, 2005.
