21 JULY 2014

Cash Position

Attached is the summary of cash balances held at 30 June 2014.

PDF Cash Position

Cash balances decreased by approximately £21,000 during the month. Interest, and other income were approximately £9,000. Liquidation expenses were approximately £30,000.

Loan Book

Attached is the summary of the loan book position at 30 June 2014.

PDF Loan Book

During June 2014, no facilities were redeemed.    

The loan tables shown have been converted to Sterling using exchange rates as at 30 June 2014.

Next Dividend

A notice for the next dividend has been sent to all known creditors who have not yet submitted a claim and will be published in the press shortly. In accordance with the notice, creditors who have not yet submitted a Proof of Debt form are required to return the completed form to the Joint Liquidators prior to 15 August 2014 in order to be included in the ninth 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 15 August 2014. Any request for a change in payment details after this date may result in a delay to the payment of the ninth 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 accepted.

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 2p in the £.


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