2014 Updates

19 DECEMBER 2014

Cash Position

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

  >Cash Position

Cash balances decreased by approximately £16.8 million during the month. Loan repayments, interest and other income was approximately £0.6m. The tenth dividend and catch up dividend distributions were approximately £17.4 million. Liquidation expenses were approximately £15,000.

Loan Book

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

: Loan Book

During November 2014, one facility was redeemed in part realising approximately £0.4 million.

The loan tables shown have been converted to Sterling using exchange rates as at 28 November 2014.

21 NOVEMBER 2014

Cash Position

Attached is the summary of cash balances held at 31 October 2014.

: Cash Position

Cash balances increased by approximately £18.4 million during the month. Cash received from the sale of the KSFUK claim was approximately £18.46 million, loan interest and other income was approximately £95,000. Catch up dividend distributions were approximately £87,000. Liquidation expenses were approximately £54,000.

Loan Book 

Attached is the summary of the loan book position at 31 October 2014.

  : Loan Book

During October 2014, no facilities were redeemed.    

The loan tables shown have been converted to Sterling using exchange rates as at 31 October 2014.

15 OCTOBER 2014

Cash Position

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

 >Cash Position 

Cash balances decreased by approximately £19.3 million during the month. Other income was approximately £8,000. The ninth dividend distribution was approximately £19.3 million. Liquidation expenses were approximately £20,000.

Loan Book

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

 >Loan Book

During September 2014, no facilities were redeemed.    

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

Sale of claim in the administration of KSFUK

Subsequent to the month end, the company’s claim in the administration of KSFUK has been sold to a third party, realising cash proceeds of £18.4m.

Next Dividend

It is expected that a dividend of 2p in the £ will be declared and paid on 28 November 2014. This will bring cumulative dividends to 100p in the £.

A notice for the next dividend will be published in the press and sent to all known creditors who have not yet submitted a claim 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 21 November 2014 in order to be included in the tenth 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 21 November 2014. Any request for a change in payment details after this date may result in a delay to the payment of the tenth 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.

Calculation of interest payments to creditors will be dealt with in a future website update.

18 SEPTEMBER 2014

Cash Position

Attached is the summary of cash balances held at 31 August 2014.

 >Cash Position

Cash balances decreased by approximately £887,000 during the month. Capital, interest, and other income were approximately £200,000. Catch up dividends were approximately £36,000. Liquidation expenses were approximately £1.05 million.

Loan Book

Attached is the summary of the loan book position at 31 August 2014.

 >Loan Book

During August 2014, one facility was redeemed in part realising approximately £197,000.    

The loan tables shown have been converted to Sterling using exchange rates as at 31 August 2014.

05 SEPTEMBER 2014

Ninth Distribution

The Joint Liquidators are pleased to announce that a ninth distribution of 2.2 pence in the £ will be paid on 12 September 2014 to all creditors whose claims have been agreed. This will bring the total distributions to date to 98.0 pence in the £. 

There are some cases where payments are being held over due to queries over the amounts claimed, payment details or signatures. We will continue to work through these queries as quickly as possible so that catch-up payments can be made to the relevant creditors. 

We are aware that there are a number of potential creditors who have not yet submitted a claim, either directly or through the Depositors Compensation Scheme. We invite those creditors to submit their claims to the liquidation as soon as possible so that they can receive the distributions to which they are entitled. Claims are no longer being accepted by the Depositors Compensation Scheme. 

21 AUGUST 2014

Report to Creditors

Attached is a Report to Creditors for the period from 10 January 2014 to 9 July 2014.

 >Report to Creditors

18 AUGUST 2014

Cash Position

Attached is the summary of cash balances held at 31 July 2014.

>Cash Position

Cash balances increased by approximately £396,000 during the month. Capital, interest, and other income were approximately £460,000. Catch up dividends were approximately £16,000. Liquidation expenses were approximately £48,000.

Loan Book

Attached is the summary of the loan book position at 31 July 2014.

>Loan Book

During July 2014, one facility was redeemed in full and one in part realising approximately £412,000.    

The loan tables shown have been converted to Sterling using exchange rates as at 31 July 2014.

21 JULY 2014

Cash Position

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

 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.

 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 £.

16 JUNE 2014

Cash Position

Attached is the summary of cash balances held at 31 May 2014.

 Cash Position

Cash balances increased by approximately £61,000 during the month. Interest, repayments and other income were approximately £156,000. Catch up distributions were approximately £61,000. Liquidation expenses were approximately £34,000.

Loan Book

Attached is the summary of the loan book position at 31 May 2014.

 Loan Book

During May 2014, one facility was redeemed in part realising approximately £84,000.    

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

20 MAY 2014

Cash Position

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

  Cash Position

Cash balances increased by approximately £3.3 million during the month. Interest, repayments  and other income were approximately £3.3 million. Liquidation expenses were approximately £28,000. 

Loan Book

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

 Loan Book 

During April 2014, one facility was redeemed in part realising approximately £2.5 million.

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

15 APRIL 2014

Cash Position

Attached is the summary of cash balances held at 31 March 2014.

 Cash Position

Cash balances increased by approximately £17,000 during the month. Loan repayments, interest and other income were approximately £0.1 million.  Liquidation expenses were approximately £0.1 million. 

Loan Book

Attached is the summary of the loan book position at 31 March 2014.

 Loan Book

During March 2014, one facility was redeemed in part realising £80,000.     

The loan tables shown have been converted to Sterling using exchange rates as at 31 March 2014.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts.  Sterling options purchased to hedge future Euro receipts were matched against the relevant loans included in the summary at 31 March 2014, and we have calculated that they would add a further £0.6 million to the value of the receipts due on these loans. 

18 MARCH 2014

Cash Position

Attached is the summary of cash balances held at 28 February 2014.

 Cash Position

Cash balances decreased by approximately £1.0 million during the month. Loan repayments, interest and other income were approximately £1.4 million.  Catch-up dividends were approximately £2.4 million and liquidation expenses were approximately £17,000. 

Loan Book

Attached is the summary of the loan book position at 28 February 2014.

 Loan Book

During February 2014, one facility was redeemed in full realising £1.0 million.     

The loan tables shown have been converted to Sterling using exchange rates as at 28 February 2014.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts.  Sterling options purchased to hedge future Euro receipts were matched against the relevant loans included in the summary at 28 February 2014, and we have calculated that they would add a further £0.6 million to the value of the receipts due on these loans. 

20 FEBRUARY 2014

Report to Creditors

Attached is a Report to Creditors for the period from 10 July 2013 to 9 January 2014.

 Report to Creditors

Cash Position

Attached is the summary of cash balances held at 31 January 2014.

 Cash Position

Cash balances increased by approximately £2.4 million during the month. Loan repayments, interest and other income was approximately £2.5 million.  Catch-up dividends were approximately £43,000 and Liquidation expenses were approximately £50,000. 

Loan Book

Attached is the summary of the loan book position at 31 January 2014.

 Loan Book

During January 2014, three facilities were redeemed in full and one facility was redeemed in part realising £2.2 million.     

The loan tables shown have been converted to Sterling using exchange rates as at 31 January 2014.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts.  Sterling options purchased to hedge future Euro receipts were matched against the relevant loans included in the summary at 31 January 2014, and we have calculated that they would add a further £0.6 million to the value of the receipts due on these loans.

20 JANUARY 2014

Cash Position

Attached is the summary of cash balances held at 31 December 2013.

 Cash Position

Cash balances increased by approximately £6.1 million during the month. Interest, other income and a dividend from KSFUK was approximately £6.2 million.  Liquidation expenses were approximately £0.1 million. 

Loan Book

Attached is the summary of the loan book position at 31 December 2013.

 Loan book 

During December 2013, no facilities were redeemed in full or in part.     

The loan tables shown have been converted to Sterling using exchange rates as at 31 December 2013.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts.  Sterling options purchased to hedge future Euro receipts were matched against the relevant loans included in the summary at 31 December 2013, and we have calculated that they would add a further £0.5 million to the value of the receipts due on these loans.