12 JUNE 2009

Update on the Liquidation Process

At a hearing in the Isle of Man High Court on Wednesday 27 May 2009, a Winding Up Order was made placing the Company into liquidation. I was appointed, along with Peter Spratt, as Joint Provisional Liquidator and Joint Deemed Official Receiver at that time.

Creditors will receive shortly a letter and attachments concerning the First Meeting of Creditors, and lodging a claim in the liquidation. A copy of this letter, and attachments including general and special proxy forms and Proof of Debt form, is attached below.

PDF Creditors meeting and Claim process

First Meeting of Creditors

The First Meeting of Creditors will be held at 11:00 a.m. BST on Tuesday, 7 July 2009, at Villa Marina, Harris Promenade, Douglas, Isle of Man.

If you are a creditor of the Company and have submitted a Proof of Debt prior to 12 noon BST on Friday 3 July 2009 at the offices of the Company, PO Box 197 Samuel Harris House, 5-11 St Georges Street Douglas, Isle of Man IM99 1SN, you will be entitled to vote.

Copies of Proof of Debt and proxy forms, containing a copy of original signatures, can be forwarded electronically to the Company, by email to liquidation@singers.co.im or by fax to 44(0)1624 699 200 or +44(0)1624 699 202 no later than 12 noon on Friday, 3 July 2009. These will be considered for voting purposes but creditors are asked to ensure that original forms are sent by mail to the Company's offices as soon as possible.

First Interim Dividend to Creditors

It is the intention of the Joint Provisional Liquidators that a first interim dividend to creditors will be distributed, to those creditors with agreed claims, by 28 August 2009. Further information in this regard will be distributed to creditors and posted on this web-site in due course.

In order for you to take part in the first distribution, you must have submitted a completed Proof of Debt form by WEDNESDAY, 12 AUGUST 2009. Please return the form to the offices of the Company, PO Box 197 Samuel Harris House, 5-11 St Georges Street Douglas, Isle of Man IM99 1SN. Faxed or emailed Proof of Debts will not be accepted for proving a creditors claim in the liquidation.

In respect of joint accounts, one Proof of Debt should be submitted in the name of the Joint Account Holders. Dividend payments will be also be paid in the name of Joint Account Holders.

If individuals hold more than one account, they should still submit only one Proof of Debt but should list all of the accounts separately on the face of the Proof of Debt or as an attachment to the Proof of Debt.

Depositors Compensation Scheme

I am working with the manager of the Depositors Compensation Scheme ("DCS") ("the Scheme Manager") to facilitate his aim of making payments to depositors who meet DCS criteria as soon as practically possible.

I am aware that the Scheme Manager has written separately to depositors in this regard.

We are unable to assist in respect of queries or correspondence specifically in relation to the DCS and these should therefore be directed to the Scheme Manager, on the following contact details. :

Website: www.dcs.im
Recorded helpline: +44 (0) 1624 606 000
E-mail: info@dcs.im
Address: PO Box 201
Douglas
Isle of Man
IM99 1HN