KSFIOM Liquidator 03 Jan 2019: Quarterly Update

Category: Newsflash

"Cash balances decreased by approximately £899,000 during the quarter.

Income totalled £4,000. Liquidator expenses totalled £820,000. Legal expenses totalled £68,000. Other liquidation expenses totalled £15,000. The reason for the high level of expenses in this quarter is because final bills for liquidation and legal fees have been paid in advance so that the VAT thereon can be reclaimed and distributed to creditors. The liquidation fees cover the period from 1 April 2017 to the end of the liquidation.

Statutory Interest and final dividend

I have applied to Court for permission to destroy all pre liquidation data, as in my view it is no longer required. The cost of preserving the data, potentially for six years after the end of the liquidation, would be significant and so impacts the calculation of the final distribution. We will proceed to finalise the calculation of the final distribution (comprising deferred and statutory interest) and will announce a date for payment as soon as possible."

See the bank website for a summary of the cash position.

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