Curaçao Central Bank Delayed Mullet Bay Appraisal to 2026
Financial services firms and property investors should track how this appraisal delay affects the long-running Ennia insolvency litigation.
Updated on Oct. 5, 2026 in Financial Services
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The Central Bank of Curaçao and Sint Maarten (CBCS) pushed the appraisal of the Mullet Bay property in Sint Maarten to 2026, missing the initial 2025 target. This valuation is a prerequisite for finalizing legal proceedings regarding the former Ennia insurance group.
Why it matters
The delay stalls a final court ruling in the appeal involving former Ennia owner Hushang Ansary, who died in January 2026. Because the property appraisal is necessary to move forward with a potential sale and to clarify the recovery of damages, legal uncertainty for the estate remains.
The CBCS postponed the Mullet Bay appraisal from the initial 2025 deadline to 2026. This timeline impacts the valuation of assets tied to the ongoing Ennia legal insolvency proceedings.
The players
Central Bank of Curaçao and Sint Maarten
The monetary authority that holds emergency regulatory control over the Ennia insurance group.
Hushang Ansary
The former owner of the Ennia group and primary defendant in litigation concerning damages and property ownership.
SunResorts Ltd N.V.
The corporate entity tasked with evaluating strategic ownership and development options for the Mullet Bay property.
The details
The CBCS currently maintains control over the old Ennia structure, including ENNIA Leven N.V., ENNIA Caribe Schade N.V., and ENNIA Caribe Zorg N.V., under emergency regulation. Legal proceedings in the United States seeking recognition of the Curaçao judgment have been paused following a September 2023 interim court ruling. Before a sale can proceed, the bank must resolve these legal complications, and it plans to commission a master plan for the property in 2026.
Timeline
November 29, 2021: Court in First Instance ordered defendants to pay damages and legal costs.
August 2022: The CBCS replaced the directors of the legal entities owning Mullet Bay.
September 12, 2023: Joint Court of Justice issued an interim judgment.
September 26, 2024: SunResorts Ltd N.V. decided to examine strategic options for the property.
January 2026: Former Ennia owner Hushang Ansary died.
Market Landscape
The current appraisal delay follows the long-standing legal framework established by the 2021 Ennia liability judgment. This postponement extends the timeline for resolving the complex recovery of assets linked to the former insurance holding.
Operators should monitor the 2026 master plan commission, as it signals the next phase of potential asset liquidation for this high-profile property. While Ennia policyholders remain unaffected by this specific legal delay, businesses should track US-based recovery proceedings for precedents on international judgment enforcement.
The takeaway
The protracted legal status of the Mullet Bay property serves as a reminder of the operational friction involved in state-led insolvency takeovers. Business owners should maintain transparency in asset valuations to avoid similar appraisal bottlenecks during restructuring efforts.
Further reading
For more on how regulatory interventions shape corporate asset recovery, see the latest in Financial Services.
Source note: This article includes information reported by Curaçao Chronicle.
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