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November 2014 - Notice of Declaration of Fourth Distributions
November 2014 - Notice of Declaration of Fourth D...
Notice of declaration of a dividend: Final client money distribution and fourth interim creditor distribution
Notice of Declaration of a Dividend: Final Client Money Distribution and Fourth Interim Creditor Distribution (11 November 2014)
Final Client Money Distribution
The Administrators confirm that a final distribution of 12.15 cents in the dollar will be paid to all client money claimants whose client money claims have been admitted for distribution purposes, bringing the cumulative amount which will be distributed to client money claimants with agreed claims to 90.65 cents in the dollar.
Fourth Interim Dividend to Unsecured Creditors
In addition, pursuant to Rule 179 of The Investment Bank Special Administration (England and Wales) Rules 2011, the Administrators have declared a fourth interim dividend of 8.5 pence in the pound to all unsecured creditors whose claims have been admitted for dividend purposes. This brings the cumulative total to 84.5 pence in the pound. Download a copy of the Administrators’ notice to all creditors who have proved their debts and to the Financial Conduct Authority.
Timing of distributions
Payment of the dividends will be made as follows:
- Payment of the final client money distribution will be made on or about 14 November 2014 to all clients whose client money claims have been admitted for distribution purposes; and
- Payment of the fourth interim distribution to all unsecured creditors with agreed claims will be made on or about 21 November 2014.
Parallel Claims
Certain clients may also have an unsecured “parallel claim” arising from the Shortfall Order dated 16 August 2013. The Administrators will notify each client individually of the level of their parallel claim (if any) in due course and anticipate making a catch up distribution in relation to clients’ parallel claims by early January 2015.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.
