A Lloyd’s of London broker hit by cash flow problems caused by the COVID-19 pandemic has been put into liquidation after a failed attempt to rescue the business last month, the company’s liquidator has said April 21.
Corrie Bauckham Batts Limited went into liquidation on April 20 and two insolvency practitioners, John Dean Cullen and Rachel Helen Lai of Menzies LLP were appointed as joint liquidators.
Corrie Bauckham Batts is an FCA authorized and regulated Lloyds Wholesale Broker. The firm placed non-marine insurance business in the London market on behalf of its clients, wholesale North American general agents, primarily based in the United States.
A statement from Menzies LLP said: “Lloyds insurance broker, Corrie Bauckham Batts Limited (“CBB”), was placed in voluntary creditor liquidation (“Liquidation”) by shareholders on 20 April 2022.
“John Dean Cullen and Rachel Helen Lai of Menzies LLP, 2 Sovereign Quay, Havannah Street, Cardiff, CF10 5SF, Chartered Insolvency Practitioners, were appointed joint liquidators of CBB on this date by shareholders and creditors at a general assembly and a virtual meeting respectively.”
He added: “The administrators have made the decision to place CBB into liquidation due to the loss of revenue compounded by the COVID-19 pandemic and the subsequent cash flow insolvency of CBB.
“It was originally intended that CBB’s business and assets, including client assets, would be sold to an unconnected third party through a pre-packaged administration. For various reasons, this offering for the business and assets has failed in March 2022 and with that a number of clients moved their business from CBB.
“CBB has introduced voluntary requirements with the Financial Conduct Authority (“FCA”) and restrictions have been imposed on CBB’s activities by the FCA.
“In view of all of the above, it was considered that CBB had no future business prospects and steps were taken to place the company in liquidation.”