KSFIOM Liquidator12 Feb 2019: Report to Creditors & update

Category: Newsflash

The Liquidator's Report to Creditors for the period 10 July 2018 to 09 Jan 2019, together with news on the destruction of pre-liquidation data and final dividend are available here

The date for the final dividend has yet to be determined. Creditors who claimed under one both of the Early Payment Schemes (EPS) and subsequently received dividends direct from the Liquidator should however note that they will now receive their final dividend from the DCS Administrator, and will therefore need to provide the DCS with such information as he requires to be able to make payments.

 Final Dividend

"It is intended that one further dividend will be paid to creditors in respect of each class of interest. The timing and amount of the dividend cannot yet be determined with certainty, as I have received several freezing orders in respect of former KSFIOM customer accounts. The problem that I have is that the freezing orders relate to accounts on which I have received no proof of debt, which means that until they are resolved I cannot quantify the final amount available for distribution to unsecured creditors. The total amount involved is significant to the amount available for distribution.

Creditors who have already had their proof of debt admitted by the Liquidator do not need to do anything further unless they claimed under the Early Payment Scheme and/or the Early Payment (No. 2) Scheme and subsequently received dividends direct from the Liquidator. These claimants will now receive their final dividend from the DCS Administrator, and will need to provide the DCS Administrator with such information as he requires to be able to make payments." 

"If you did not claim through the EPS or DCS, you will receive your final dividend direct from my team. As the team has not made dividend payments since 2014, we would ask you to check that the bank accounts that we have on file are still open. If you need to advise us of any changes, please contact us at the address below as soon as possible. We will need a letter (not an email) advising us of any changes and will need to contact you to check authenticity of any changes requested. If you do not advise us of changes and final dividend payments are returned, this will inevitably lead to delays in you receiving your payments."

For the full report and Court Order, see the bank website

 

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