The GFSC strongly denies the recent accusations made against it following an application to the Supreme Court of Gibraltar for an Administration Order made by MCE Insurance Company Limited (“the Company”) itself on the 19 November 2021. The GFSC consented to the application made by the Company.
It should be noted that for an Administration Order to be granted (under the Gibraltar Insolvency Act 2011), the Court must be satisfied that the company is insolvent or likely to become insolvent.
Andrew Stoneman and Geoff Bouchier of Kroll (Gibraltar) Limited have been appointed as joint administrators of the Company. The GFSC does not intend to comment on this regulatory matter any further until we receive the Administrators’ Report. The Administrators are due to report to the Supreme Court of Gibraltar within six months from their appointment.
The Administrators’ Press Release can be read on their website here and for further information relevant to Policyholders please also refer to the Financial Services Compensation Scheme webpage here.
The GFSC remains committed to its regulatory objectives, including, ensuring the protection of consumers and the protection of Gibraltar as an international financial services centre.