Joint Provisional Liquidators & Deloitte Updates Credit Holders and Policyholders
On February 23, 2022, Rachelle Frisby, the Deloitte Financial Advisory head in Bermuda and the British Virgin Islands, sent a letter to creditors and policyholders updating them about the liquidation proceedings involving Northstar Financial Services (Bermuda) and Omnia, Ltd. (formerly Old Mutual (Bermuda)). Northstar (Bermuda) filed for bankruptcy in 2020. Omnia submitted its filing in 2019.
Both entities, which Global Bankers previously acquired, have come under scrutiny in the wake of owner Greg Linberg’s conviction for conspiracy to commit wire fraud and bribery, as well as their subsequent liquidation proceedings. Meanwhile, investors of both entities have struggled to recover their investment losses.