03 SEPTEMBER 2009 (i)

First distribution

I am able to confirm that the first distribution in the liquidation has been set at 24.8 pence in the pound. Further details regarding the distribution will be posted on this website following a Court hearing which is being held at 2pm today.

Any creditors who have not yet submitted a claim, either directly or through the Depositors Compensation Scheme, are asked to submit their claims as soon as possible to ensure that they receive the distributions to which they are entitled.

Committee of Inspection

The first meeting of the Committee of Inspection was held on Wednesday 19 August. Attached are minutes of the meeting which provide an update on the key issues in the liquidation.

 KSF C of I Minutes 19 August 2009

Loan book

Attached is a document which was presented to the Committee of Inspection regarding the loan book, including current issues and the ongoing strategy for realisation.

 KSF Loan Book Update for COI 19 August 2009

Habana legal case

We have been notified that the plaintiff in the Habana case has lodged an appeal. We have not yet been advised of the date on which the appeal will be held.


As previously, the best way to make contact is to write to the bank or email branch@singers.co.im. If you need to telephone the bank, please use the main switchboard number +44 1624 699222.


Mike Simpson

Joint Liquidator Provisionally