Receiver Appointed At iCreate

• iCreate Limited (“iCreate”) advised that effective December 18, 2023, Mr. Kenneth Tomlinson was appointed receiver and manager by Sagicor Investments Jamaica Limited, the registered holder of a secured bond.
• A receivership is a remedy available to secured creditors to recover amounts outstanding under a secured loan in the event the company defaults on its loan payments. A receiver is appointed to take possession of and sell or liquidate the assets secured by the security agreement in order to repay the outstanding debt.
• This news comes following the return of Tyrone Wilson as CEO of the company in November after his resignation in August.
• Additionally, in August, iCreate was suspended by the Jamaica Stock Exchange due to a lack of submission of its audited financials and the non-appointment of a mentor, as required by the Junior Market Rules. The suspension has since been lifted.

(Source: JSE)