Second distribution

The Joint Liquidators are pleased to announce that a second distribution of 15.2% will be paid on 8 December 2009 to all creditors whose claims have been agreed.

There are some cases where payments are being held over due to queries over the amounts claimed, payment details or signatures. We will continue to work through these queries as quickly as possible so that catch-up payments can be made to the relevant creditors.

We are aware that there are a number of potential creditors who have not yet submitted a claim, either directly or through the Depositors Compensation Scheme. We invite those creditors to submit their claims as soon as possible so that they can receive the distributions to which they are entitled.

Future distributions

As the liquidation has progressed, more information has become available in respect of potential asset recoveries and are now in a position where we will shortly be able to release a meaningful estimate of future distributions. We intend to post our estimate on the website in the next few days in order that creditors may have a better indication of the final outcome.

Contacts

As previously, the best way to make contact is to write to the bank or email branch@singers.co.im. If you need to telephone the bank, please use the main switchboard number +44 1624 699222.

Mike Simpson

Joint Liquidator