The existing director are expected to co-operate with the managing agent to improve the firms finances and meet "liabilities to depositors and other creditors as and when they are due and to conduct business operations as usual," the Central Bank said.
The Central Bank said it expects People's Leasing as managing agent to improve the financial status of IFL within a "reasonable" period of time, and will closely monitor the progress.
People’s Leasing Company is a subsidiary of state-owned People’s Bank, and is the island's largest leasing company.