Enterprise debts near £100m

The deficit of failed Gibraltar insurer Enterprise is four times worse than originally thought, according to the liquidator’s report.

Freddie White of Grant Thornton has found a deficit of £96.4m, which is up to four times as great as originally believed.

The Gibraltar Financial Services Commission is investigating Enterprise Insurance Company plc and its board of directors, stating suspicions that it’s been ‘significantly and consistently’ misled about the company’s financial health.

The company was ordered to stop writing new business in July.

There are as many as 46,000 Enterprise policyholders in the UK. Compensation pay-outs began last week.