The Financial Services Commission (FSC) and Caydion Campbell, the appointed trustee for Stocks and Securities Limited (SSL), have reached an important agreement regarding the trustee’s report that will be reviewed by creditors at an upcoming meeting on October 25.
Campbell was instructed to provide a detailed report on SSL’s operations following his return to the role in May. He submitted the report to the court on September 25. However, the FSC, represented by attorney Symone Mayhew, expressed objections to certain elements of the report and sought revisions before it could be shared with creditors.
After extended discussions between Mayhew and Campbell’s legal representative, Caroline Hay, the parties have agreed to modify the report to better comply with insolvency regulations. These modifications will be reviewed in a follow-up session before the final version is presented to creditors.
Mayhew raised concerns about the structure and content of the initial report, emphasizing the potential impact on creditor decisions. She argued that specific details in the report may mislead creditors or extend beyond the scope of what is permitted under current financial regulations. Her arguments focused on the need to balance transparency with adherence to legal protocols.
In response, Hay defended Campbell’s original submission, pointing out that the report followed the requirements of the Companies Act. She questioned whether the FSC’s demands for additional changes would add unnecessary complexity and costs to an already intricate process.
The court also addressed Campbell’s request for management fees, but Justice Batts deferred the decision, indicating that it will be reviewed after the creditors’ meeting has taken place.
The revised trustee report is expected to clarify SSL’s financial situation while aligning with regulatory standards set out by the Insolvency Act. Both legal teams will reconvene later this week to review any final objections. This agreement is seen as a crucial step toward ensuring that the creditors’ meeting moves forward smoothly.
