receivership, The Royal Gazette can reveal.

The official petition for the winding up of the company by the Supreme Court was filed on March 14, 2001 by the Registrar of Companies.

In February a Supreme Court judge gave Minister of Finance Eugene Cox the go-ahead to investigate the company's affairs.

That meant the insurance company had to open its books to an inspector appointed by the Minister.

Legal actions between the Ministry of Finance and Sentinel Insurance Company were filed in December, but at the time neither party would reveal what prompted them to file writs at the Supreme Courts against each other.

But it appears now that there was concern about the solvency of the insurance company.

The petition will now be heard on April 6, 2001 at 9.30 a.m.. According to attorneys Conyers Dill & Pearman, any creditor or contributor who is either supporting or against the motion to put the company into liquidation will have the opportunity to speak at this time.

All notices of intention to speak at the hearing have to be posted by close of trade on April 5, 2001.

Sentinel had been fighting against opening its books to the Minister of Finance for inspection.

But in a written judgment dated December 14, but filed in court records in February, Chief Justice Austin Ward dealt with two cases, Sentinel Insurance versus the Minister of Finance and Malcolm Butterfield and Registrar of Companies against Sentinel Insurance.

The judge said that two applications were before him, one was to set aside an order restraining the removal of books and papers of Sentinel Insurance Company and handing them over to an inspector appointed by the Minister of Finance on November 22, 2000.

The other was an application for leave to seek judicial review of the Minister's decision appointing the inspector.

The judge said he was satisfied that the Minister had the jurisdiction under the Companies Act 1981 and the Insurance Act 1978 to appoint an inspector.

In December Finance Minister Eugene Cox confirmed he had appointed an inspector to look into Sentinel but he was tight-lipped on the nature of his concerns.

Mr. Cox said his actions were not out of the norm and expressed concern that if he elaborated the information would be blown out of proportion.

"I think the less said about this the best,'' he said in December. "I am not prepared to go any further.'' Now the company is expected to be wound up and liquidators appointed to deal with the matter.