03 SEPTEMBER 2009 (ii)

First distribution

I am able to confirm that the first distribution in the liquidation has been set at 24.8 pence in the pound. The process of inputting payment details has begun and it is intended that the payments will be made on Friday 4 September 2009.

A number of payments are being held over at this stage due to queries over amounts claimed, payment details or signatures. There are also some instances where depositors originally intended to apply through the Depositors Compensation Scheme but have changed their minds and their direct claims are still in the process of being approved. We are working through these queries as quickly as possible so that, where appropriate, catch-up payments can be made to the relevant creditors. Catch-up payments will be made on a regular basis so as to minimise delays. I realise that any delay will be frustrating for creditors and would appreciate your patience while we deal with the large number of queries.

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.

Future Distributions

The timing and value of future distributions is uncertain, as it depends upon the value and timing of future asset realistions, particularly from the loan book and KSFUK. It is anticipated that a second distribution will be made in December 2009 when further funds are expected to become available - an announcement will be made on this website in early December.


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