Bill Dewsall

Creditors in the British Virgin Islands, England, and Guernsey have applied to wind up the Cayman Islands parent company of insolvent Liechtenstein insurer Gable Insurance AG.

Cayman Islands-owned Gable Insurance AG, which provided apparently sham insurance for at least three fraudulent offshore investment schemes, has been taken over by its local regulator in Liechtenstein.

Liechtenstein insurer Gable Insurance, whose Cayman Islands parent is listed on the London Stock Exchange's AIM and which has provided apparently sham insurance for at least three investment schemes that swindled investors out of more than £200 million, has been ordered to stop writing new business by its local regulator.

The Receivers of Axiom Legal Financing Fund are to sue Liechtenstein-licensed insurer Gable Insurance AG and London-based broker Legal Expense Solutions Limited as part of their attempt to recover assets for investors who were swindled out of more than £100 million.