FCIB Pays Out

In the long running saga that is the fate of millions pounds frozen at the First Curacao International Bank (‘FCIB’) there has been another twist this week.

Griffins Insolvency Practitioners were able to secure the release of £5m from the proceeds of alleged VAT MTIC fraud of a total amount due to the UK Government of up to £80m.

It is being reported that the initial payout was due in part to the UK Governments decision to delay the imposition of new rules that outlaw success fees in UK insolvency cases being conducted by solicitors under a Conditional Fee Agreement (‘CFA’).