There was a Court hearing on 12 October 2016, the purpose of which was to enable the Deemster to give further directions on the process for determining the calculation of interest. Pursuant to paragraph 3 of the Order of Court dated 8 July 2016, a creditor applied to be made a party to the Application to the Court. As a result, at the hearing the Court formally added him as Third Defendant to the Application, and then adjourned the Application until 16 November 2016 for further directions to be given. I should emphasise that "Defendant" is purely a procedural title and does not imply any wrongdoing. The Court could not give directions at the hearing in the absence of the creditor, once he had been made a party. However, in order to expedite matters the Court has directed that the Defendants shall endeavour to agree a draft timetable leading to the hearing of the application, which is to be filed with the Court by 28 October 2016, with a view to the Court approving the draft timetable at the hearing on 16 November 2016.
I have attached two witness statements of mine whereby I submitted to the Court the correspondence received from creditors who expressed a view on the calculation of interest. I also attach the witness statement of Mike Fayle on behalf of the manager of the Depositors Compensation Scheme.
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