The Liquidator's Report to Creditors for the period 10 July 2016 to 9 Jan 2017 is available here
Highlights at 9 Jan 2017
- 100p in the £ dividends paid to creditors
- £940.9m of assets recovered (one loan outstanding; KHF shares & convertible notes still to be sold)
- Calculation of interest to be determined (next Court hearing 23 March 2017)
During the quarter to 31 Dec 2016, cash balances increased by approximately £142,000.
Further to my previous updates on this matter, I can confirm that the Court hearing took place as scheduled on 16 November 2016.
There was a Court hearing on 12 October 2016, the purpose of which was to enable the Deemster to give further directions on the process for determining the calculation of interest.
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.