Court rejects Caledonian bank liquidation

(CNS Business): Attempts by Caledonian Bank to place it and Caledonian Securities in voluntary liquidation under its own appointed liquidators have been rejected by the Cayman Islands Grand Court, which has upheld the appointment of the local regulator’s controllers. During a hearing on Thursday morning the chief justice described the appointment of the joint voluntary liquidators as a blank shot fired by the bank, which could not override the appointment by CIMA of two Ernst & Young auditors to take over its affairs.

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