Cash Position

Attached is the summary of cash balances held at 31 December 2018.

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Cash balances decreased by approximately £899,000 during the quarter. Income totalled £4,000. Liquidator expenses totalled £820,000. Legal expenses totalled £68,000. Other liquidation expenses totalled £15,000. The reason for the high level of expenses in this quarter is because final bills for liquidation and legal fees have been paid in advance so that the VAT thereon can be reclaimed and distributed to creditors. The liquidation fees cover the period from 1 April 2017 to the end of the liquidation.

Statutory interest and final dividend

I have applied to Court for permission to destroy all pre liquidation data, as in my view it is no longer required. The cost of preserving the data, potentially for six years after the end of the liquidation, would be significant and so impacts the calculation of the final distribution. We will proceed to finalise the calculation of the final distribution (comprising deferred and statutory interest) and will announce a date for payment as soon as possible.

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