Update – Announcement of proposed scheme of arrangement, pursuant to Part 26 of the Companies Act 2006, for a full and final settlement in respect of surplus entitlements and the payment of statutory interest - 29 March 2018

Further to the announcement made on 22 December 2017, which set out target dates for the launch of a proposed scheme of arrangement and can be accessed here, the Joint Administrators are pleased to report that significant progress has been made in the preparation of documentation to give effect to the proposed scheme.

In this respect, it is anticipated that a letter will be sent to all known creditors and placed on LBIE’s website in April 2018, which will provide further information as regards the terms of the proposed scheme, expected timings of its implementation and the rights of creditors to vote on the Scheme.

The Joint Administrators also expect to provide creditors with further information in relation to tax issues, including the application of UK withholding tax to distributions that may be made to them under the proposed scheme.

In addition to the above, the Joint Administrators will shortly issue their latest six-monthly progress report to creditors which will provide an update on all other matters relevant to the Administration.

We will post further updates on the LBIE website as matters progress.