Page 123 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2014
6. Contributions and other receivables, continued
The movement on the allowance for impairment of contributions receivable for the year ended was as follows:
At April 1
Impairment losses recognised Accounts directly written-off
At March 31
2014 2013
US$ 1,054,876 856,965 11,850 404,324
(160,125) (206,413) US$ 906,601 1,054,876
The US$553,163 other receivables at March 31, 2013 (2013 – US$1,853,810) comprised the following:
Interest receivable – net of change in fair value
of US$97,012 (2013 – US$97,012) US$
Other receivables – net of change in fair value of US$125,076 (2013 – US$nil)
Interest receivable – debenture loan
(a) Interest receivable – debenture loan
2014
332,531
220,632 –
US$ 553,163
2013
357,331
451,784 1,044,695
1,853,810
On December 17, 2009, NIB granted a US$5,500,000 debenture loan to TCI Bank for the purpose of providing TCI Bank with additional working capital.
The loan and interest thereon were to be repaid in quarterly instalments with the first of such instalments being an interest only payment to be made at the end of the three month anniversary of the draw down of the loan.
Thereafter both principal and interest payments were to be made at the end of the second quarter and on the same day in the following quarters of each year.
The US$5,500,000 debenture loan and unpaid interest of US$98,322 was immediately due and repayable when TCI Bank entered provisional liquidation on April 9, 2010 and liquidation on October 29, 2010. On August 20, 2012 the US$5,500,000 debenture was repaid by the liquidator of TCI Bank. No interest was repaid at this time.
At March 31, 2012 NIB was pursuing a claim of US$987,870 against TCI Bank for non-payment of interest increasing at a daily rate of US$1,356 in accordance with the terms of the debenture. The liquidator for TCI Bank was defending this claim.
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