31 JANUARY 2011

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 17 September 2010, you will note that a further 92 claims have been agreed in the last four months with a total value of £1m. The total value of agreed claims is now £888m. Since that update, no further claims have been rejected, so the current position is that 13 claims worth a total of £11m have been wholly rejected and 40 claims have been rejected in part, the rejected portions totalling approximately £300,000.

The increase in the number of claimants repaid in full through the Early Payment Scheme from the website update of 17 September 2010 of 1,458 to 1,475 in the table above is due to depositors advising the Joint Liquidators that they consider they were fully repaid through this Scheme and would not be submitting any additional claim in the liquidation.

The reduction in the value of Proof of Debt forms approved and processed from the website update of 17 September 2010 of £592m to £567m in the table above is due to a number of depositors who have successfully applied for compensation through the Depositors' Compensation Scheme after their claim through the liquidation had been admitted for dividend. We have been advised by the Scheme Manager that the value of any compensation paid was reduced by the value of any dividends paid directly to the depositor in the liquidation. The value of Proof of Debt forms approved and processed of £567m includes 193 admitted claims with a value of £3.9m who have applied for compensation through the DCS but have not completed the DCS approval process.

The figures in the above table are stated after rejections and also after set-offs, so the current figure against which the percentage of distributions is calculated is £905m, which is the total of approved claims, claims not yet approved and claims which are expected but have not yet been received.

Depositors' Compensation Scheme

The Scheme Manager has advised that the deadline for claims to be accepted by the DCS has now passed.


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