The Financial Services Regulatory Commission (FSRC) of Antigua and Barbuda has stepped in to assist and supervise BoS (Antigua) Ltd’s efforts to settle debts.
“The process has been implemented under the supervisory authority given to the FSRC in order to give extra reassurance to organisations that funds returned that will be properly used in the settlement of creditors in line with legal requirements, as well as assuring that BOS creditors will be paid in a fair and balanced manner,” the Commission stated.
“We are pleased with the agreement of BOS’s Directors to cooperate with Antiguan and Barbudan authorities to ensure the proper discharge of creditors, namely players and employees in this difficult case. As regulators, it is our responsibility to ensure that licensees operate properly at all times even under adverse conditions. We expect that our involvement and the cooperation of BOS will encourage the prompt payment of amounts owed to BOS by payment processors and others, so that funds can be promptly returned knowing that they will be distributed properly,” said Kaye McDonald, Director of the Financial Services Regulatory Commission, Division of Gaming.
Presently, BOS has been unable to repay customers due to cash-flow constraints, along with legal and operational interruptions. A substantial amount of monies owed to BOS by payment processors and publishers have not been repaid and it is anticipated that the oversight of the process by the Commission will give these organisations the transparency and reassurance they are seeking in order to return funds, so they may be distributed appropriately.
The Commission under an order received by the Eastern Caribbean High Court of Justice will manage and supervise all funds remitted. The Commission and BOS Directors will be communicating with all account debtors directly. After evaluating, and verifying the obligations to creditors of BOS, these funds will then be paid in the legally prescribed order by Commission.
Director of BOS, Clive Archer, said “we are pleased to be working with the FSRC to ensure that customers, staff and other creditors receive the money they are owed. We have been hampered by the slow return of funds owed to us and we hope that this process will give debtors the reassurance they need to swiftly pay, so that our creditors including our customers and staff can be paid. It is extremely sad that such a great business has been destroyed in this fashion but we are committed to ensuring to the best of our ability that it ends properly. We are happy to cooperate with the supportive staff of the FSRC and believe that they are best suited, as the regulatory authority to ensure that all are treated fairly. We know that the business is all about customers and staff and we want to ensure they are properly looked after.”