Attached is the summary of cash balances held at 30
Cash balances increased by approximately £5.7 million
during the month. Loan repayments, interest and other income
totalled approximately £5.8 million. Expenses and catch-up
dividends were £0.1 million.
Since the end of April, a further £24.6m has been
received from the administrators of KSFUK.
Attached is the summary of the loan book position at
30 April 2012.
During April 2012, seven facilities were redeemed in
full and three in part realising £5.7 million overall. A write-off
of £0.8m was realised in respect of a loan secured on a Spanish
property which was sold at a loss.
The loan book details shown have been converted to
Sterling using exchange rates as at 30 April 2012.
The Joint Liquidators have purchased currency options
to hedge certain of the future loan receipts. Sterling options
purchased to hedge future Euro receipts were matched against the
relevant loans included in the summary at 30 April 2012, and we
have calculated that they would add a further £1.8 million to the
value of the receipts due on these loans. Sterling options
purchased to hedge future US dollar receipts were matched against
the relevant loans included in the summary at 30 April 2012, and we
have calculated that they would add a further £19k to the value of
the receipts due on these loans.
Attached below is a copy of the notice for the next
dividend which has been published in the press and sent to all
known creditors who have not yet submitted a claim. It is
anticipated that the dividend will be paid on or around 15 June
Notice of seventh
In accordance with the advertisement, creditors who
have not yet submitted a Proof of Debt form are required to return
the completed form to the Joint Liquidators prior to 21 May 2012 in
order to be included in the seventh dividend.
For claimants with an admitted claim directly in the
liquidation, if you wish to change the bank account details for
payment of your dividends please contact the bank prior to 28 May
2012. Any request for a change in payment details after this
date may result in a delay to the payment of the seventh dividend
to you. The Joint Liquidators will only change a claimant's
payment details upon receipt of an original, signed document -
photocopied, faxed or scanned documents will not be
As previously advised, dividend levels can only be
determined once cash has been received. We will distribute as
much cash as is available at the point of declaration, which based
on cash currently in hand will be not less than 7.6p in the
The best way to make contact is to write to the bank or email email@example.com. If you
need to telephone the bank, please use the main switchboard number
+44 1624 699222. Please be aware that telephone calls may be
recorded for security purposes.