The Central Bank of Belize, through the Governor acting as Registrar of Credit Unions, issued a press release to correct paid social media advertisements it says misrepresented the appointment of Mr. Marlowe Neal as liquidator for 19 credit unions placed under liquidation and as statutory administrator of St. Francis Xavier Credit Union Limited (SFXCU). The Central Bank said claims that the 19 credit unions were “closed” are inaccurate, noting that the Order of Liquidation published on 8 November 2024 covered defunct entities, including 15 that had been non-operational for more than 20 years. It added that liquidation notices had previously been published for some of these credit unions and that Mr. Cedric Flowers had earlier been appointed liquidator for four. To settle outstanding matters and claims by members and other creditors, the liquidator invited submissions of detailed claims against the 19 credit unions in the first quarter of 2025. For SFXCU, the Central Bank noted that Mr. Martin Marshalleck was appointed statutory administrator on 10 March 2023 under section 61(1) of the Credit Unions Act, 2011 to address deficiencies deemed a threat to viability, and that he relinquished the role at the end of August before Mr. Neal succeeded him on 1 September 2023, with work continuing to rehabilitate and support the sustainability of the institution.
Central Bank of Belize 2025-12-16
Central Bank of Belize addresses misinformation on Marlowe Neal’s appointment to liquidate 19 credit unions and administer St. Francis Xavier Credit Union
The Central Bank of Belize clarified that social media ads misrepresented Mr. Marlowe Neal's appointment as liquidator for 19 credit unions and statutory administrator of St. Francis Xavier Credit Union Limited (SFXCU). The bank emphasized that the 19 credit unions were defunct entities, not "closed," with some having prior liquidation notices. Mr. Neal succeeded Mr. Martin Marshalleck as statutory administrator of SFXCU on 1 September 2023, continuing rehabilitation efforts.