13 JUNE 2013

Cash Position

Attached is the summary of cash balances held at 31 May 2013.

PDF Cash Position

Cash balances increased by approximately £0.4 million during the month. Loan repayments, interest and other income totalled approximately £0.4 million. Expenses were approximately £3,000.

Loan Book

Attached is the summary of the loan book position at 31 May 2013.

PDF Loan Book

During May 2013, one facility was redeemed in part realising £0.2 million overall.   

The loan tables shown have been converted to Sterling using exchange rates as at 31 May 2013.

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 31 May 2013, and we have calculated that they would add a further £0.4 million to the value of the receipts due on these loans. 


Eighth Distribution

The Joint Liquidators are pleased to announce that an eighth distribution of 4.8 pence in the £ will be paid on 28 June 2013 to all creditors whose claims have been agreed. This will bring the total distributions to date to 95.8 pence in the £.

There are some cases where payments are being held over due to queries over the amounts claimed, payment details or signatures. We will continue to work through these queries as quickly as possible so that catch-up payments can be made to the relevant creditors.

We are aware that there are a number of potential creditors who have not yet submitted a claim, either directly or through the Depositors Compensation Scheme. We invite those creditors to submit their claims to the liquidation as soon as possible so that they can receive the distributions to which they are entitled. The Manager of the Depositors Compensation Scheme has stated that no new claims are being accepted by the DCS since 27 November 2010. Further details can be found at www.dcs.im.



The best way to make contact is to write to the bank at PO Box 197, Third Floor, Sixty Circular Road, Douglas, Isle of Man, IM99 1SN, or email ksf@iom.pwc.com . If you need to telephone the bank, please use the number +44 1624 699222. All other numbers in previous use are now switched off or auto-forward to +44 1624 699222. Please be aware that all telephone calls are recorded for security purposes.


Mike Simpson
Joint Liquidator