Update from KSFIOM Liquidators 07 Mar 2011: good news re 5th dividend

Category: Newsflash

Cash position and loan book at 28th February 2011

Next dividend

...  "We are required by Isle of Man insolvency law to advertise for potential creditors to submit their claim in the liquidation prior to the declaration and payment of a dividend.

In accordance with the advertisement, creditors who have not yet submitted a Proof of Debt form are required to return the completed form to the Joint Liquidators prior to 25 March 2011 in order to be included in the fifth dividend.

For claimants with an admitted claim directly in the liquidation, if you wish to change the bank account details for payment of your dividends please contact the bank prior to 31 March 2011. Any request for a change in payment details after this date may result in a delay to the payment of the fifth dividend to you. The Joint Liquidators will only change a claimant's payment details upon receipt of an original, signed document - photocopied, faxed or scanned documents will not be accepted.

As previously advised, dividend levels can only be determined once cash has been received. We will distribute as much cash as is available at the point of declaration, which based on cash currently in hand will be not less than 12p in the £."

See the KSFIOM website here for full details of the cash and loan book position and for a link to a copy of the advertisement for the next (5th) dividend referred to above.

Note: the advertisement is dated 01 March and states "It is intended to declare the Fifth Dividend within two months from the date of this notice."

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