21 year battle to recover £3m from failed bank ends in success

THE long running battle by Lisburn Council to recover the millions of pounds it lost when the Bank of Credit and Commerce International sensationally crashed in July 1991 has finally ended in success.

Lisburn was just one of many local authorities from all over Britain who had deposits in the bank which closed without warning over twenty years ago.

A recent meeting of the Council’s Corporate Services Committee heard it recalled how Lisburn Council had £3 million on deposit with the BCCI when the Bank of England intervened and closed the bank.

Hide Ad
Hide Ad

The Council had joined in litigation against the Bank of England under the auspices of the Local Authorities Co-ordinating Joint Committee to recover its money.

Over the years the global liquidators have paid out a number of dividends and to date the Council had secured back a total of £3,031,208.60.

A final creditors meeting is due to be held in May to discuss and approve the payment of a Final Dividend. If agreed, the minimum dividend proposed for the Council would be in the region of £106,758, bringing the total amount recovered after a 21 year battle to £3,137,966.60.

During the Corporate Services meeting, Alderman Jim Dillon, seconded by Councillor Pat Catney, proposed the Director of Corporate Services, Mr Adrian Donaldson, attend the final creditors meeting and vote to accept the proposed Final Dividend.

Hide Ad
Hide Ad

Mr Dillon also proposed the council write to the former Director of Corporate Services, Mr David Briggs, thanking him for the role he played in achieving a favourable outcome to this matter.

Mr Dillon added: “This is a success story and ought to be highlighted.”