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Sunday 22 January 2017

Liquidator takes over Enterprise Insurance

Published 27/07/2016 | 02:30

Enterprise Insurance: described in court as “hopelessly insolvent” (Stock image)
Enterprise Insurance: described in court as “hopelessly insolvent” (Stock image)

ENTERPRISE Insurance has had a provisional liquidator appointed by the Gibraltar Supreme Court.

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The firm was said to be "hopelessly insolvent".

The Gibraltar-based firm whose collapse last week has hit 14,000 Irish motor customers, has been described in court as "hopelessly insolvent".

Gibraltar's Financial Services Authority said that Frederick David John White of Grant Thornton has been appointed as provisional liquidator.

According to reports in Gibraltar, it is estimated that the motor insurance company's liabilities could exceed its assets by up to £18m (€21.5m).

"It is a huge deficiency," chief justice Anthony Dudley told the Gibraltar Supreme Court.

Gibraltar-regulated Enterprise Insurance was ordered to cease business last week.

It operated here through broker Wrightway, a company owned by Zurich.

Irish Independent

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