18 JULY 2019

Cash Position

Attached is the summary of cash balances held at 30 June 2019.

Cash balances decreased by approximately £10,000 during the quarter. Income totalled £7,000. Legal expenses totalled £3,000. Other liquidation expenses totalled £14,000.

PDF Cash Position

Final Dividend

It is intended that one further dividend will be paid to creditors in respect of each class of interest. As previously reported there are freezing orders in respect of some former KSFIOM customer accounts. The Isle of Man Attorney General is claiming that the money which was held in these accounts should be confiscated. I believe that is incorrect and that, as I have received no proof of debt in relation to these accounts, the money should be available for distribution to unsecured creditors. Therefore I cannot quantify the final amount available for distribution to unsecured creditors until this is resolved. The total amount involved is significant to the amount available for distribution. The matter is in Court and I will update creditors as soon as the position is clarified.

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