Enterprise Insurance Company plc (in liquidation) (Enterprise)
Establishment of a Special Committee and the Appointment of Inspectors
The Gibraltar Financial Services Commission (GFSC) has appointed Tony Woodcock and John Fordham of Stephenson Harwood LLP as independent inspectors under Section 8 of the Financial Services (Information Gathering and Co-operation) Act 2013 to investigate the insolvency of Enterprise and the conduct of its directors and auditors.
The appointment of inspectors has been made by a Special Committee of the GFSC Board (the Enterprise Special Committee). The Enterprise Special Committee is composed of the GFSC Chair, Dr Jonathan Spencer, and GFSC members, Adrian Coles and Paul Sharma. The Enterprise Special Committee will also have the responsibility of acting as the GFSC Audit Regulation Committee. The Enterprise Special Committee will be the decision making panel in the regulatory inquiry relating to Enterprise, its directors and auditors.
Notes For Editors:
- The GFSC is the regulator of the Gibraltar financial services market, regulating providers of financial services conducted in both Gibraltar and other jurisdictions. The GFSC's vision is to be recognised by our stakeholders as the model international financial services regulator and its mission is to provide financial services regulation in an effective and efficient manner in order to promote good business, protect the public from financial loss and enhance Gibraltar’s reputation as a quality financial centre. The regulatory objectives underpin the vision and mission statement. Namely, these are the promotion of market confidence; the reduction of systemic risk; the promotion of public awareness; the protection of the good reputation of Gibraltar; the protection of consumers and the reduction of financial crime.
- Enterprise is an insurance company registered in Gibraltar and was authorised by the GFSC. Enterprise went into provisional liquidation on 25th July 2016 and Mr Frederick White of Grant Thornton Gibraltar was appointed as provisional liquidator.
- On 26th October 2016 the Provisional Liquidator submitted his report to the Supreme Court of Gibraltar confirming that Enterprise is insolvent with a prospective balance sheet deficit of some £96 million. The Supreme Court of Gibraltar made an order placing Enterprise into liquidation and appointed Mr White as Liquidator. Further information can be found here.
- The biographies of the Enterprise Special Committee members can be found here.
- The Audit Regulation Committee is a committee of the GFSC established specifically to regulate statutory auditors.
- Stephenson Harwood LLP is an international law firm with headquarters in London. Mr Woodcock and Mr Fordham are senior lawyers specialising in financial services and regulatory inquiries.
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