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.
I applied to Court for directions on this process on 22 June 2016 and an Order was made on 8 July 2016 (Attached).
In the Order the Court specified that notice of an Application should be sent by post to the last known physical address of each admitted unsecured creditor or where the admitted unsecured creditor had requested e-mail correspondence only, to the last known e-mail address.
Set out below is a copy of the Application made to the Isle of Man High Court for guidance as to the method to be applied by the Liquidator when calculating the interest to be paid to creditors of the Bank from the limited surplus that remains now that creditors have been paid the full amount of their proofs of debt.
For further details and copies of the Letter, The Court Order and other relevant documents, see the bank website hereHits: 592