KSFIOM Liquidator 25 July 2016: Quarterly Update & note re Interest

Category: Newsflash

During the quarter to 30 June 2016, cash balances increased by approximately £1.3 million.

Loan repayments, interest and other income totalled £1.0 million. The cash element of the parental guarantee claim was £297,000. One loan facility was redeemed in full and one in part realising £0.9 million overall.

Interest

Isle of Man legislation is unclear about 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. I have applied to Court for directions and expect to make a further announcement on this website shortly about the process for determining the appropriate method of calculation.

See the bank website for summaries of the cash and loan book positions.

Hits: 681