This update follows the Court hearing held on Thursday 19
February 2009 and provides further information requested by
creditors relating to both the Scheme of Arrangement as well as an
overview of the possible outcome of the maturity of the loan book
Court hearing on 19 February
In preparation for the Court hearing on 19 February 2009, I
submitted a third Affidavit dated 18 February 2009 which responded
to some of the comments made in the fourth Affidavit submitted by
Mr David Lovett of Alix Partners and the third Affidavit submitted
by Mr Allan Bell, Isle of Man Treasury Minister, on 12 February
2009. My most recent Affidavit is now available for viewing on the
Once again, I wish to emphasise that my principal concern as
Liquidator Provisionally is to protect the interests of all
creditors, be that through the liquidation of the Company or by a
Scheme of Arrangement.
Following the Court hearing, the Court has ordered an
adjournment of the hearing of the winding up petition for 49 days
until Thursday 9 April 2009 to allow the Treasury to prepare the
Scheme of Arrangement.
A signed transcript of the Judgment by Deputy Deemster Corlett
will be placed on the website as soon as it is received.
Timetable for Scheme of
The timetable as proposed by Treasury is detailed below.
Additional comments (as highlighted in square brackets) are to
assist creditors' understanding.
||· Resolve all outstanding legal issues
· Draft: (i) Scheme Document, (ii) Explanatory Statement,
(iii) Proxy Forms, (iv) Notices, (v) Claim Forms, (vi) Petition,
and (vii) Affidavit(s) in Support
· Resolve position with Banks and draft underlying
· Obtain Tynwald conditional amendment to DCS
|1 February to 23 March
||File Petition and Evidence in Support
||Week commencing 30 March
||Ex Parte Hearing for Directions to Call Scheme Meeting [Leave
to convene the meeting of creditors - Court date 9 April
||Week commencing 6 April
||Notices of Scheme Meeting to be sent to Creditors [Creditor
road shows would be held in this period.]
||Week commencing 13 April
||Adjudication of claim forms for voting purposes
||Record Date [This will be the date (if applicable) at which
currency conversion will take place as well interest and set off
||Week commencing 11 May (shortly prior to Scheme Meeting)
||Scheme Meeting [Meetings of creditors to vote on Scheme of
Arrangement. In order to approve the Scheme more than 50 percent in
number and 75 percent in value of those voting in each class of
creditors need to vote in favour.]
||Week commencing 11 May
||Draft and file Affidavit reporting on outcome of Scheme
||Week commencing 18 May
||Sanction Hearing [If approved by creditors (in the meeting of
creditors), the Court has the power, if it believes the Scheme to
be in the interests of all creditors, to sanction the Scheme.]
||Week commencing 25 May
||File Court Order at FSC - Scheme takes effect [Following the
effective date the Scheme Administrator will be in a position to
||Week commencing 25 May (immediately following sanction)
||First Dividend/Lump Sum payment [the date at which the first
dividends/creditors claims may be paid].
Possible maturity of the Loan
As requested by a number of creditors, below I have outlined a
possible timeline for the maturity of the loan book. The estimate
has been based on a number of factors, which are by no means
certain at this time, and the numbers below cannot be taken as the
likely realisation of such assets.
Singer & Friedlander (Isle of Man) Limited
- In Liquidation Provisionally
|Loan book scheduled
- see notes
||Scheduled repayment (£'000)
- This data has been provided to creditors for information
purposes only and should not be used for any other intention other
than its intended purpose.
- The information is based on Company records provided.
- Exchange rates as at 8 October 2008 are assumed.
- No estimate has been provided for possible loan defaults.
- Only capital repayment schedules have been taken into account
(interest payments, which will vary, have not been accounted for at
Telephone conference dial in
Following discussions with the Depositors Action Group I have
set up a fifth conference call which will take place on Monday 23
February 2009 4:00 pm GMT.
I am making the access details generally available to
depositors. If you wish to listen to the call, you will need to
register in advance. Please click the link to register.
Participation will be on a listen only basis. The facility is
provided by a third party and accordingly there is a cost per head
for usage. Should any party register and then not attend the
liquidation will be charged.
The number of lines is limited and I would request that only
those depositors who are able to make the call register
as we will make the audio recording of the call
available on the website for those of you who are
unable to attend. Should depositors choose this route to listen, it
will significantly reduce the costs. The audio recording from the
previous call on 9 February 2009 has now been made available on the
As previously, the best way to make contact is to write to the
bank or to email email@example.com. If you need to
telephone the bank, please use the main switchboard number +44 1624
Joint Liquidator Provisionally