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Court appoints provisional liquidator for ‘hopelessly insolvent’ Enterprise

A provisional liquidator was appointed by the Supreme Court yesterday to assess the multi-million pound deficit left by a ‘hopelessly insolvent’ locally-based insurance firm.

The case came before the court after the Gibraltar Financial Services Commission ordered Enterprise Insurance to cease business last Friday.

It is estimated that the motor insurance company’s liabilities could exceed its assets by anywhere between £11m and £18m, the Supreme Court heard.

“It is a huge deficiency,” Chief Justice Anthony Dudley told the court.

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