30 SEPTEMBER 2011

Agreement of creditors' claims

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

Figures

If you compare these figures to the summary published on 31 January 2011, you will note that a further 282 claims have been agreed in the last eight months with a total value of £3m. The total value of agreed claims is now £891m. Since that update, a further 51 claims with a total value of £1m have been rejected in full and 17 claims with a total value of approximately £200,000 have been rejected in part, so the current position is that 64 claims worth a total of £12m have been wholly rejected and 57 claims have been rejected in part, the rejected portions totalling approximately £500,000.

The increase in the number of claimants repaid in full through the Early Payment Scheme from the website update of 31 January 2011 of 1,475 to 1,503 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 31 January of £567m to £564m 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 £564m includes 25 admitted claims with a value of £0.4m 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.

Claims not approved and claims not received

Any creditors who have not yet submitted a claim are urged to do so as soon as possible so that they can receive the distributions to which they are entitled.

Any creditors who have submitted a claim through either the Depositors' Compensation Scheme or directly in the liquidation but who have not yet received the dividends or compensation to which they are entitled are urged to contact the bank via the details below in order to resolve the outstanding issues with their claim.

Depositors' Compensation Scheme

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

Contacts

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