Asset Disposal Unit

Schemes of Arrangements
A Scheme of Arrangement is a compromise or arrangement between a company and its creditors. It requires approval by a majority in number representing 75% in value of those creditors voting at a Scheme Meeting. The Scheme is then submitted to Court for approval and becomes effective when the Court order sanctioning the Scheme is filed with the Registrar of Companies

FIS has full administrative powers over two Schemes of Arrangements:

·        Blaise Financial Entities (BFE's)

o       Blaise Trust and Merchant Bank

o       Blaise Building Society

·        Century Financial Entities (CFE's)

o       Century National Bank (CNB)

o       Century National Merchant Bank (CNMB)

o       Century National Building Society (CNBS)

Blaise Financial Entities 
The Blaise Financial Entities were closed by the Government in December 1994 due to the insolvency of the entities. Financial Institutions Services Limited then assumed full responsibility for the assets and liabilities of the entities.

Below is a breakdown of the payments to date:

 Depositors have until December 31, 2001 to claim outstanding amounts. 

Century Financial Entities
On July 10, 1996, the Minister of Finance assumed temporary management of the Century National Financial Entities on the grounds that the companies were insolvent and unable to meet their obligations to their depositors and creditors. By virtue of a Scheme of Arrangement sanctioned by the Supreme Court on October 16, 1997, FIS assumed the assets and liabilities of these entities.

The Scheme provides for each Scheme Creditor the right to open a new deposit account at the National Commercial Bank (NCB), which will be credited with 100% of the value held with the former Century entities.

Scheme Creditors have a period of six (6) years within which to claim. Hence the Scheme of Arrangement will expire in October 2003.

Below is a breakdown of the payments to date:

Scheme Administration

With regard to both Schemes, FIS performs the following duties:

·        Assist depositors of both entities to settle matters related to the accounts established for payout: 

·        Ensure that depositors are able to access their accounts

·        Resolve disputes related to account balances

·        Provide general information on the status of accounts and instruct depositors on any required procedures.

·        Liase with NCB on any matter relating to the Century National payout.

·        Receive and research queries related to the history of deposit accounts

·        Perform custodial responsibilities for the security of the Safety Deposit Boxes.

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