Update on the Liquidation
Process
On 27 May 2009, the Isle of Man High Court granted an Order
confirming the powers of the Provisional Liquidators to issue a
Notice of Intended Dividend and to call for Proof of Debts to be
submitted by creditors.
The Order also confirmed that the first meeting of creditors is
to be held within six weeks of the Winding Up Order. At that
meeting, a report will be laid before the creditors in respect of
the progress in the liquidation to date. Creditors will be invited
to vote, in person or by proxy, in respect of the appointment of
Peter Spratt and myself as Joint Liquidators and in respect of the
membership of a Committee of Inspection.
Information will be issued shortly to all creditors, both in
respect of the claims process and in respect of the arrangements
for the meeting of creditors.
In the meantime the Joint Provisional Liquidators are working
with the manager of the Depositors Compensation Scheme ("DCS") to
ensure that payments are made to creditors as soon as practically
possible. Information on the liquidation of KSFIOM will continue to
be available on this website.
Sale of Booker Group Plc
Shares
On 21 May 2009, the Company lodged certain regulatory
notifications confirming ownership of a substantial block of shares
in Booker Group Plc. Having sought advice on the appropriate
strategy with regard to the disposal of this holding and after
careful consideration, the Joint Provisional Liquidators took the
decision to place the shares into the market on 28 May 2009. Whilst
as a result £93.5 million was realised, due to certain restrictions
which were necessary to effect the sale, the funds will not be
available for distribution to creditors for a period of 6 to 12
months.
Contacts
As previously advised, the best way to make contact with the
Joint Provisional Liquidators and Joint Deemed Official Receivers
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 Provisional Liquidator and Joint Deemed Official
Receiver