Notice of Intention to Pay Third Interim Client Money Distribution - 11 July 2018

Following on from the First and Second Interim Client Money Distributions in April 2013 and June 2014, the Joint Administrators are pleased to announce that they intend to make a Third Interim Client Money Distribution in early August 2018. The Joint Administrators expect that this distribution will take the cumulative dividend rate declared and paid to 100%.

Action required

In order to ensure that all eligible beneficiaries have the opportunity to participate in the Third Interim Client Money Distribution, the Joint Administrators request:

  • Client money claimants who believe they have a client money entitlement and who have not agreed their entitlement with LBIE should submit a client money claim form. A client money claim form can be obtained for this purpose here or by request by email to clientpositionresponses@lbia-eu.com
  • Client money claimants who have agreed their client money entitlements with LBIE or who have already received a payment in the First and Second Interim Client Money Distributions do not need to submit a client money claim form but should provide/confirm their standard settlement instructions (“SSIs”) for a USD bank account in the SSI Portal via the LBIE Client Information Portal (the “CIP”) as soon as possible. Should you have any queries regarding the submission of SSIs, please contact SSI@lbia-eu.com.

A number of clients who would otherwise be client money claimants have executed agreements (including the Small Claims Settlement Offer) with LBIE in which they have assigned or waived their entitlements to client money, or have abandoned their client money entitlements. Those clients no longer have client money entitlements and (for the avoidance of doubt) are not required to take any further action. 

Queries

If you have any questions with regard to this update please contact the Communications and Counterparty Management Team by emailing clientpositionresponses@lbia-eu.com.

 

Contact us

Ed  Macnamara

Ed Macnamara

Partner, Head of Restructuring, PwC United Kingdom

Tel: +44 (0)7739 873104

Alison Grant

Alison Grant

Director, PwC United Kingdom

Tel: +44 (0)20 7804 7933

David Kelly

David Kelly

Restructuring and Insolvency Partner, UK Head of Insolvency, PwC United Kingdom

Tel: +44 (0)7974 332659

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