Isle of Man
Template 9 

CHP 11/0097 - Foundations Program Plc (in liquidation) ("FPP")
CHP 11/0098 - FPA Limited (in liquidation) ("FPA")

Notice to creditors and contributories - 21 December 2015


Foundations Program plc - in liquidation ("FPP")
FPA Limited - in liquidation ("FPA")
Joint Liquidators and Joint Official Receivers ("JL&JORs")

Note for Participants and Loan Note Holders (LNHs) and other creditors of FPP & FPA

The JL&ORs have sought and obtained the sanction of the Isle of Man High Court to pursue proceedings against Mr A, a Partcicpant, in connection with 3 policies which were assigned to FPA, sub-assigned to Barclays and now re-assigned back to FPA. Questions have arisen as to the validity of the assignments and Mr A’s participation in the Program. The insurer effectively controlling the policies will not act on the JL&ORs instructions until the matter has been resolved and hence permission to issue and pursue proceedings to resolve has been sought and obtained from the Court.

The Order granting permission is here. Section 184(3) of the Companies Act 1931 provides that a creditor or contributory may apply to the Court with respect to the exercise of this power. In the that event the creditor or contributory wishes to challenge the sanction they should contact the JL&ORs immediately and in any event would be required to make an immediate application to the Isle of Man High Court to contest the attached Order.

21 December 2015