Attached is the summary of cash balances held at 31 May
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.
Attached is the summary of the loan book position at 31 May
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.
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
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 firstname.lastname@example.org
. 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.