Further to my previous updates on this matter, I can confirm that the Court hearing took place as scheduled on 16 November 2016.
There was a Court hearing on 12 October 2016, the purpose of which was to enable the Deemster to give further directions on the process for determining the calculation of interest.
During the quarter to 30 Sept 2016, cash balances increased by approximately £245,000.
The Liquidator's Report to Creditors for the period 10 Jan 2016 to 9 July 2016 is available here
Highlights at 9 July 2016
- 100p in the £ dividends paid to creditors
- £940.5m of assets recovered
- 94.6% of loan book recovered
- Parental guarantee claim resolved
Today I have sent a letter to unsecured creditors advising them of progress in the process to determine how interest should be calculated in situations where there is a surplus in an insolvency after the proven claims of unsecured creditors have been paid in full.