13 NOVEMBER 2018

Statutory Interest

Further to the previous update on 5 October 2018, there was a hearing at the Isle of Man High Court on 30 October 2018 to consider matters relating to statutory interest. The Court Order issued following the hearing is attached.

PDF Court Order

The Order instructs the Liquidator to pay statutory interest and/or deferred interest due to all depositors who claimed in the DCS and/or the EPS to the DCS, and statutory and/or deferred interest to all creditors who did not claim in the DCS or the EPS to those creditors. Regarding life insurance bondholders who claimed in the EPS, the Liquidator shall pay statutory interest direct to the insurance companies apart from amounts due to the Isle of Man Treasury in respect of it's admitted proof of debt in respect of assignments made to it as set out in section 40 of the skeleton argument filed in support of the Liquidator's application to the High Court and published on this website on 15 August 2018,

We will proceed to finalise the calculation of the final dividend (comprising deferred and statutory interest) and will announce a date for payment as soon as possible.

Cash balances decreased by approximately £151,000 during the quarter. Interest received totalled £21,000. Dividends paid totalled £114,000. Legal expenses totalled £47,000. Other liquidation expenses totalled £11,000.

Contacts

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
Liquidator