Parman appeals recognition of ENNIA emergency regulation | THE DAILY HERALD

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WILLEMSTAD–The parent company of ENNIA, Parman International BV, has filed for appeal against the recognition in the United States of the emergency regulations at the insurer. This appeared from a notice of appeal which Parman’s legal defence team has filed with the Court in New York on January 2.

The reason for the appeal against the recognition in the US of the emergency regulation at ENNIA, which was pronounced by the Court in Curaçao in July 2018, was not mentioned in the appeal documents.

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However, Parman resisted the recognition of the emergency regulations from the outset. Parman stated, among other things, that it was informed too late about the emergency regulations which were imposed by the Court in Willemstad.

Parman’s representative also argued that the Court in Curaçao had no authority to pronounce the emergency regulation on the non-supervised entities of ENNIA.

However, the court in New York stated that “the Court in Curaçao ruled that the emergency regulation should also be pronounced on non-supervised entities.”

Furthermore, it stated that, “It is not the role of the Bankruptcy Court in a Chapter 15 case to test the decision of the Court on Curaçao.”

On December 20, the US Court approved the emergency regulation at six ENNIA entities in the US. “With the legal recognition, the steps required for the restructuring of ENNIA can be implemented more easily in the US. The aim of the restructuring is and remains to improve the solvency of ENNIA,” the Central Bank of Curaçao and St. Maarten (CBCS) reported in a press release at the time.

Millions of dollars in assets of the insurer are in bank accounts in the US, hence the request for recognition of the emergency regulations there. In the context of the restructuring of ENNIA, CBCS want access to these funds.

Source: The Daily Herald https://www.thedailyherald.sx/islands/84340-parman-appeals-recognition-of-ennia-emergency-regulation

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