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.
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 firstname.lastname@example.org. If you need to
telephone the bank, please use the main switchboard number +44 1624
Joint Liquidator Provisionally