23 OCTOBER 2015

Cash Position

Attached is the summary of cash balances held at 30 September 2015.

Cash balances increased by approximately £5.6 million during the quarter. Loan repayments, interest and other income was approximately £5.6 million. Catch up dividend distributions were approximately £15,000. Other liquidation expenses were approximately £81,000.

PDF Cash Position

Loan Book

Attached is the summary of the loan book position at 30 September 2015.

During the quarter to September 2015, approximately £5.6 million was received in full and final settlement of four connected loans, and £8.8 million was written off, after a lengthy legal process.

The loan tables shown have been converted to Sterling using exchange rates as at 30 September 2015.

PDF Loan Book


It is intended that a distribution of interest will be made at the end of the liquidation when all assets have been recovered. The method of calculation is not clear under Manx law and we have sought directions from the Court. The website will be updated as soon as the position is clarified.


Life insurance policies make up a significant proportion of creditors in the liquidation. I understand that some policyholders wish the life companies to assign their claims over to them so that the policies can be closed down. This is a matter between the life companies and the policyholders, however we are looking at ways in which we can assist and will update the website with any developments.


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