Creditor Update - REMINDER: Deadline for Participation in the Small Claims Settlement Offer and Submission of GBP SSIs – 12 September 2012

1. Small Claims Settlement Offer – deadline for participation

On 4 May 2012 the Joint Administrators announced their intention to offer creditors the opportunity to receive a single payment in full and final settlement of their claims against LBIE (the “Small Claims Settlement Offer”).

The offer is available to any creditor whose agreed claim amount does not exceed £150,000 (or who wishes to cap their claim to this level). In full and final settlement of the agreed claim, LBIE is offering to pay such creditors 90% of their agreed claim amount, up to a maximum payment of £135,000 (being 90% of £150,000).

If you wish to participate in the Small Claims Settlement Offer please register your interest as soon as possible. This can be done by either:

• logging onto the LBIE Client Information Portal (“CIP”) and registering your interest by clicking the button under the relevant heading;
• emailing smallclaimsoffer@lbia-eu.com and registering your interest; or
• contacting your existing LBIE contact.

In order to be eligible to participate in the Small Claims Settlement Offer, a creditor must have met the following conditions by the deadline of 31 October 2012:

• submitted a valid proof of debt by the Bar Date (of 31 July 2012) via the LBIE Client Information Portal;
• had its claim agreed via an executed Claims Determination Deed (“CDD”) (or similar agreement); and
• entered into a separate agreement to the CDD (or similar agreement) accepting the Small Claims Settlement Offer as full and final settlement of their agreed claim.

Please note that given the above requirements, registration of your interest on or close to the deadline of 31 October 2012 may not allow sufficient time to complete the necessary documentation and enable you to participate in the Small Claims Settlement Offer. You are therefore advised to register your interest as soon as possible.

Further details of the Small Claims Settlement Offer are contained in the Creditor update of 4 May 2012 and the related Frequently Asked Questions. Should you have any queries relating to the Small Claims Settlement Offer please email smallclaimsoffer@lbia-eu.com.

2. Submission of SSIs

Unsecured creditors are reminded that to be eligible to participate in the First Interim Distribution or the Small Claims Settlement Offer, they are required to provide Standard Settlement Instructions (“SSIs”) for a GBP bank account.‎

If you have not already done so, please provide these details as soon as possible. This can be done by logging onto the SSI Portal via the CIP, using the unique username and password previously provided and entering your GBP SSI in the Cash GBP Unsecured Distribution Specific SSI option. If you require logon details, please contact ‎logons@lbia-eu.com.

Should you have any queries regarding the submission of SSIs, please contact ‎SSI@lbia-eu.com.