22 MARCH 2010

Agreement of creditors' claims

The following statistics show the current position regarding the agreement of creditors' claims:


If you compare these figures to the summary published on 10 November 2009, you will note that the value of agreed claims has risen from £797million to £874million. You will also note that the number of claims listed as being paid in full by the Early Payment Scheme has reduced from 1,489 to 1,416 - this is as a result of a data clean up exercise which matched up EPS claimants to their other accounts.

A total of 13 claims with a value of £11million have been rejected in full, and 40 claims have been rejected in part, the rejected portions totalling approximately £300,000.

Any creditors who have not yet submitted a claim are asked to submit their claims as soon as possible to ensure that they receive the distributions to which they are entitled.

Claim against Kaupthing hf

We are continuing to press for agreement of our claim against Kaupthing hf through our lawyers in Iceland, however, there is no progress to report at present and the Winding Up Committee still maintain that they are not bound by the parental guarantee. It is becoming increasingly likely that the claim will be referred to the Court in Reykjavik for a decision. As previously noted, we will continue to pursue our claim vigorously in order to obtain the best return for creditors.

Contacts and change of email address

The best way to make contact is to write to the bank or email branch@singers.co.im. Please note that the email address has changed and the old email address will be shut down shortly. If you need to telephone the bank, please use the main switchboard number +44 1624 699222.


Mike Simpson

Joint Liquidator