General Update - Extension to Notice of Proposed Distribution - 13/12/2010

On 4 December 2009, the Joint Administrators issued a Notice of Proposed Distribution, requesting that preferential and non-preferential unsecured creditors lodge proofs of debt by 31 December 2010, in order to qualify for a dividend which would be paid by no later than two months after that date.

As explained in the website update on the 30 November 2010, owing to the impact of the Court of Appeal's recent judgment with respect to Client Money, the Joint Administrators cannot now make this dividend payment as intended. Consequently, the Joint Administrators applied to the High Court to extend the date by which proofs must be lodged, and the proposed dividend paid, by two years.

On 10 December 2010, the High Court acceded to the Joint Administrators' application and granted the request to postpone the date by which preferential and non-preferential unsecured creditors should lodge proofs of debt to 31 December 2012 ("Extension Date") in order to qualify for a dividend which would be paid no later than two months after that date. A copy of the High Court's Order can be accessed here.

Notwithstanding the Extension Date, the Joint Administrators request that creditors continue to submit proofs of debt as soon as possible (if they have not already done so), in order that their claims can be agreed in a timely manner.

Should you have any further questions, please do not hesitate to contact the Communications and Client Management team on unsecuredcreditors@lbia-eu.com.

Please continue to check this website for information on all matters relating to the administration of LBIE.