Public Statement No. 2 of 2009 (2009-01-20) - Whitten Trust Company Limited

Summary

This is a public statement issued by the BVI Financial Services Commission under section 37A(4) of the Financial Services Commission Act, 2001, informing the public that the High Court of Justice of the Virgin Islands has appointed Joint Administrators over Whitten Trust Company Limited, a Class I trust licence holder. It is an informational notice about a specific enforcement/insolvency action rather than a rule of general application.

• Appointment: On 14 January 2009, Mr. Ian Trumper (FTI Forensic and Litigation Consulting, London) and Mr. Ian Thompson (FTI Forensic Accounting Limited, BVI) were appointed Joint Administrators of Whitten Trust Company Limited.
• Powers granted: The Joint Administrators may take possession of and access all books, records and documents of the company; examine and verify them; take over and manage the company's affairs; interview directors, officers and other relevant persons; make applications concerning matters arising from exercising these powers; and assist in appointing a fit and proper management team and implementing internal controls appropriate for a Class I trust licence holder.
• Reporting duty: The Joint Administrators must report to the High Court of Justice and to the Commission within 45 days of the date of the Court's Order on the exercise of their powers, pursuant to section 39(4) of the Financial Services Commission Act.

The Commission states it will provide further public updates as the matter progresses. The statement does not itself impose ongoing compliance obligations on other regulated entities or the public.

Key obligations

• The Joint Administrators must report to the High Court of Justice of the Virgin Islands and to the Commission within 45 days of the date of the Court's Order on the exercise of their powers under the Order, pursuant to section 39(4) of the Financial Services Commission Act.

Applies to

trust companies, Class I trust licence holders

Deadlines

• within 45 days of the date of the Order of the Court: Joint Administrators must report to the High Court and the Commission on the exercise of their powers under the Order.