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.
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.
During the quarter to 30 June 2016, cash balances increased by approximately £1.3 million.
As our liquidation drags slowly towards an end and while waiting for further news, you might enjoy the latest story from Iceland : here !
During the quarter to 31 March 2016, cash balances decreased by approximately £0.4 million. There were no repayments to any of the outstanding facilities.