Important Creditor Update – REMINDER: 31 January deadline for “catch up” unsecured dividend and Small Claims Settlement Offer

Creditors wishing to participate in either the “catch up” first interim unsecured dividend or the Small Claims Settlement Offer (“SCSO”) are reminded that they have until 31 January 2013 to meet the relevant requirements, as set out below.

The “catch up” unsecured dividend and SCSO payments will be made in February 2013.

“Catch up” unsecured dividend

The “catch up” unsecured dividend of 25.2% is available to creditors who did not participate in the first interim distribution but, as at 31 January 2013, have an admitted claim. To participate, unsecured creditors must have met the following conditions by 31 January 2013:

• submit a valid Proof of Debt via LBIE’s Client Information Portal;
• have their unsecured claim agreed and admitted via an executed claims determination deed (“CDD”) (or similar agreement); and
• provide LBIE with their standard settlement instructions (“SSIs”) for a GBP bank account.

SCSO

The SCSO is available to any creditor who has not yet received the first interim dividend and whose agreed claim does not exceed £150,000 (or who wishes to cap their claim at this level). In full and final settlement of their 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).

Creditors wishing to participate in the SCSO must, by 31 January 2013:

• meet all the requirements listed above under “catch up” unsecured dividend; and
• enter into an additional agreement with LBIE accepting the SCSO as a full and final settlement of their admitted claim.

Please note the SCSO is available to Client Money claimants who, as part of accepting the SCSO, agree to relinquish their Client Money claim by waiving it or assigning it to a nominee of LBIE.

Should a creditor wish to participate in the SCSO, please advise LBIE by:

• logging onto LBIE’s Client Information Portal and registering interest by clicking the button under the relevant heading; or
• emailing smallclaimsoffer@lbia-eu.com; or
• contacting their existing LBIE contact.

Further information relating to the “catch up” first interim unsecured dividend and the SCSO is available in the Joint Administrators updates of 9 November 2012 and 21 December 2012.

For any queries regarding the SCSO please email smallclaimsoffer@lbia-eu.com. For all other queries relating to the content of this update please contact your existing LBIE contact or the Communications and Counterparty Management team at unsecuredcreditors@lbia-eu.com.