I can confirm that Deemster Corlett has handed down his decision in respect of the calculation of interest. A copy of the signed judgment is attached below. It has been determined that interest should be calculated using the insolvency rules, rather than contractual rates, for the whole period from 9th October 2008 until the date of distribution and then divided pro rata amongst the unsecured creditors.

Click here for Judgment of Deemster Corlett


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Mike Simpson