Insurance Company Transitions From Administration To Liquidation In Gibraltar First

On Monday 13th March 2023 the Supreme Court of Gibraltar discharged the Administration Order over Prometheus Insurance Company Limited and placed it into liquidation. The application was brought by the Administrator Freddie White of Grant Thornton Gibraltar, (who was appointed as liquidator), represented by ISOLAS LLP Partner James Montado. This represents the first instance in which an insolvent insurance company has transitioned from administration into liquidation.

The Judgment is particularly important as the Court approved directions as to the treatment of insurance creditors upon the transition to liquidation and the crediting of amounts paid to them during the preceding administration.