Choice Bank Liquidation Process Moves Forward

Choice Bank Liquidation Process Moves Forward

BELIZE CITY, Belize — Choice Bank Ltd., which issued cards for the defunct FirstchoicePay.com alternative for adult payouts, has launched a website explaining the next steps for former clients as it liquidates assets.

FirstchoicePay, which debuted in spring 2017, was an immediate success when it launched. The platform supported the transfer and payment of various currencies, including the U.S. dollar, the British pound, the euro and the Japanese yen. It offered pre-paid Mastercard accounts and global bank transfers.

But a little over a year later, Choice Bank told accountholders that it was forced into a “liquidity-constrained position” and suspended all withdrawals from deposit accounts.

Choice Bank, at the time, said that the liquidity challenges for the bank were “a short-term one” and that its depositors, cardholders and creditors would be “kept whole.”  

Later, however, the Central Bank of Belize revoked Choice Bank’s international banking license and appointed a receiver, who terminated the bank’s shareholders, directors and officers.

In a statement on a recently launched website with the domain name ChoiceBankLimitedInLiquidation.com, the receiver, accountant Cedric Flowers, stated that he will soon file a public notice on instructions on how to file claims. Flowers intends to file the notice on or before Tuesday, Aug. 28.

In addition, Flowers said that the liquidation process will allow depositors, cardholders and creditors to file claims by Monday, Oct. 29.

After 90 days, Flowers will determine claims and commence distribution of the liquidated funds by the end of February before Choice Bank winds down.

For questions regarding the liquidation process, Flowers can be contacted at cblliquidator@gmail.com.

   

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