KSFIOM Liquidator 18 July 2019: Quarterly Update

Category: Newsflash

Cash balances decreased by approximately £10,000 during the quarter. Income totalled £7,000. Legal expenses totalled £3,000. Other liquidation expenses totalled £14,000.

Final Dividend (updated info)

"It is intended that one further dividend will be paid to creditors in respect of each class of interest. As previously reported there are freezing orders in respect of some former KSFIOM customer accounts. The Isle of Man Attorney General is claiming that the money which was held in these accounts should be confiscated. I believe that is incorrect and that, as I have received no proof of debt in relation to these accounts, the money should be available for distribution to unsecured creditors. Therefore I cannot quantify the final amount available for distribution to unsecured creditors until this is resolved. The total amount involved is significant to the amount available for distribution. The matter is in Court and I will update creditors as soon as the position is clarified."

For details of cash position, see bank website here

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