A court hearing places LAMP in liquidation after application to the Supreme Court of Gibraltar

Failed Gibraltar insurer LAMP has entered liquidation following a court hearing on Friday.

LAMP’s application to the Supreme Court of Gibraltar to be placed in liquidation was reported on 20 May, with the court hearing taking place on 31 May.

The insurer had been searching for finance to enable it to to meet its obligations, having confirmed it is unable to pay all claims. This included trying to find a buyer for the business. 

However, on Friday, the Gibraltar Financial Services Commission (GFSC) revealed that Grant Thornton had been appointed as liquidator of LAMP.

A statement on the GFSC website said: “The official receiver has engaged the services of Grant Thornton Limited as agent, to advise and assist on matters relating to the operation and conduct of the liquidation. 

“Grant Thornton will be writing to all LAMP policyholders with further information in due course.”

The official receiver will work to collect the assets of LAMP to pay insurance creditors, including policyholders.

However, in a previous statement, the GFSC had warned that “it is likely that the amount recovered will not be sufficient to meet the amount due to policyholders in outstanding claims and unearned premiums.”