But that description apparently does not apply to one local big-timer who's racked up tens of millions of dollars in debt and is now being foreclosed upon by the Belize Bank.

Notices appearing in today's newspapers show that the Bank is foreclosing upon multiple properties belonging to Port Of Belize owner and PUP Executive member Luke Espat.

Only 8 properties are listed and they belong to Espat himself or his companies Indeco enterprises or First National Building Society.

We say only 8, because Espat has a number of properties and businesses and it is widely believed that as part of an overall crack down on bad debts, the bank will eventually send in receivers to take over his various business operations - commencing this evening when - we are told - his flagship company and base of operations Indeco Enterprises was served with notices of receivership by Kevin Castillo.

It remains to be seen if the crown jewel in Espat's array of holdings - the Port of Belize will be included in that receivership roundup. Reports from workers there say assessors have already visited that facility.

As we understand it - Espat's indebtedness to the Belize Bank reaches into the tens of millions of dollars. As we reported in August The Central Bank Of Belize cautioned the Belize Bank about its extremely high ratio of non performing loans which was in the range of 30%.

In related news, Lord Ashcroft's British Caribbean Bank Holdings -is reported to have experienced a 41% decline in its net income for the first half of its 2010 fiscal year.

According to the Trinidad Guardian, BCB Holdings Ltd, the Belize-based financial institution reported net income of $7.6 million US dollars for the three months ending September 30, 2010 - a decline of 43.3 per cent compared with the comparable period in 2009.