Leadenhall Bank/Axxess International

[alanfromderby]

Just wondering if anyone has been caught up with the liquidation of Leadenhall Bank in the Bahamas. This bank held in trust the deposit payments of a large number of people who took out secured credit cards through Axxess International in London.

[yrag]

Yup. We had to Axxess Liberti credit cards, which were ideal when in the USA (as they were USD instead of UKP based).

 

We got these in around 1999; and the last time I tried using it was in the USA in July 2004 - and it didnt work.

 

I have had a number of email conversations with a lady called Janet (I think) who although was no longer employed by Axxess UK, still tried to sort out some problems.

 

It is almost 3 years since the cards were stopped by the US goverment; and as yet no money has been reimbursed.

[alanfromderby]

Leadenhall kept trading for about a year after they lost their MasterCard license, but then got closed down by the Central Bank of the Bahamas, and are now in liquidation. Prior to that, Leadenhall transfered the security deposits to another company called First Financial Trust.

 

The liquidator (Craig Gomez), is now in the midst of a long legal battle to secure the return of the deposits. As these were "trust" funds, they should be ring-fenced, and therefore there is a hope that we will get the money back eventually.

 

However, if you have not yet completed a claim form, then you will need to download one from the website: Leadenhall Bank & Trust Liquidation - The Bahamas

 

These are the details for the liquidator, he does take telephone calls and is happy to give a full update on how things are progressing:

 

Please be advised that effective Monday January 2, 2006, the bank relocate its office to No.1 Cumberland Hill Street, Nassau, Bahamas.

The new telephone numbers are:

(242) 323-0640

(242) 323-0648

(242) 323-0649

(242) 323-0641 Fax

Craig A. (Tony) Gomez

Liquidator

Tel. (242) 356-4114

Email: cgomez@batelnet.bs

[alanfromderby]

Just to update this thread - I gather that the liquidator has said that funds are starting to be distributed. However, I have not heard from anyone who has yet received anything whatsoever.

 

If anyone has more news then please post below. If you are not a member then you will need to sign up, but that is free of charge.

[alanfromderby]

These are the latest documents:

 

Notice for Credit Card Holders:

 

http://www.leadenhallbahamas.com/download/cc_notice.pdf

 

Eighth Report of the Liquidator:

 

http://www.leadenhallbahamas.com/download/eighth_report.pdf

[alanfromderby]

Well - what a shock.

 

Today I received a form from FFCT saying that they are ready to make a 70% payment. Although they will deduct $30 for sending the cheque, or $65 if I want it wired!!

 

Hopefully others will also now be getting these letters - if not then maybe you need to get in touch with FFCT and find out why.

[alanfromderby]

Well 12 months have passed by, and FFCT clearly intend to hang on to keep hold of these deposits for as long as they can. I am also suprised to see that there have been no further reports from the liquidator (Craig Gomez) of Leadenhall Bank since 10th December 2008.

 

With nobody at the Central Bank willing to discuss the situation, one has to wonder why people trust the Bahama's with their money. No longer are these places safe from a disclosure point of view - and with this case we see that the regulator is not interested in dealing with a mess that they allowed to happen.

 

Even the Bahama's press seem to be disinterested in this financial scandel that is dragging on under their noses.

 

The cardholder deposits was supposed to be held in trust - not be caught up in the banks liquidation. Cardholders never agreed to the money being put with another company - yet we are left waiting for First Financial to eventually be forced to give back this money to the people it actually belongs to.

 

Shame on the Central Bank of the Bahamas - this is your responsibility.

[russellgray]

Well 12 months have passed by, and FFCT clearly intend to hang on to keep hold of these deposits for as long as they can. I am also suprised to see that there have been no further reports from the liquidator (Craig Gomez) of Leadenhall Bank since 10th December 2008.

 

With nobody at the Central Bank willing to discuss the situation, one has to wonder why people trust the Bahama's with their money. No longer are these places safe from a disclosure point of view - and with this case we see that the regulator is not interested in dealing with a mess that they allowed to happen.

 

Even the Bahama's press seem to be disinterested in this financial scandel that is dragging on under their noses.

 

The cardholder deposits was supposed to be held in trust - not be caught up in the banks liquidation. Cardholders never agreed to the money being put with another company - yet we are left waiting for First Financial to eventually be forced to give back this money to the people it actually belongs to.

 

Shame on the Central Bank of the Bahamas - this is your responsibility.

 

I understand that the liquidator will be refunding only 5% to CREDTORS. I sincerely hope that this does not include deposit holders!

[alanfromderby]

The last I heard from the FFCT liquidators was in February, and that was just a copy of a letter to creditors that was sent out in October last year. The court had instructed the liquidator to do a full audit of the trust fund, but there has been no update that I am aware of - have you seen anything more recent?

[alanfromderby]

Having a trawl round the internet, it looks as though the attempts to get hold of the trust funds are still going through the Jamaican Court of Appeal. A case was listed or w/c 4th June, but I cannot find any details.

[alanfromderby]

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