A Lloyd's of London broker hit by cash flow problems caused by the COVID-19 pandemic has gone into liquidation after a bid to rescue the business failed last month, the company's liquidator said on 21 April.
Corrie Bauckham Batts Limited entered liquidation on 20 April 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-authorised and regulated Lloyds wholesale broker. The firm placed non-marine insurance business into the London market on behalf of its clients, North American wholesale managing general agents (MGAs), mainly based in the USA.
A statement by Menzies LLP said: "Lloyds insurance broker, Corrie Bauckham Batts Limited ("CBB"), was placed into Creditors' Voluntary Liquidation ("Liquidation") by the shareholders on 20 April 2022.
"John Dean Cullen and Rachel Helen Lai of Menzies LLP, 2 Sovereign Quay, Havannah Street, Cardiff, CF10 5SF, licenced Insolvency Practitioners, were appointed Joint Liquidators of CBB on this date by the shareholders and creditors at a general meeting and virtual meeting respectively."
It added: "The Directors took the decision to place CBB into Liquidation because of loss of income worsened by the COVID-19 pandemic and the subsequent cash flow insolvency of CBB.
"It was initially anticipated that the business and assets of CBB, including the client assets, would be sold to an unconnected third party via a pre-packaged administration. Due to various reasons, this offer for the business and assets fell away in March 2022 and with it, a number of clients moved their business away from CBB.
"CBB entered voluntary requirements with the Financial Conduct Authority ("FCA") and restrictions have been placed on CBB's activities by the FCA.
"Considering all the above, it was considered that CBB had no future trading prospects and steps were taken to place the company into Liquidation."
