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

Update 18 February 2016


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

Update in respect of the first interim distribution

The JL&JORs wrote to all Participants and Loan Note Holders recently. The correspondence included the requirement that any challenges to the JL&JORs methodology should be notified to them, in the case of the Participants by 19 February 2016 and in the case of the Loan Note Holders by 26 February 2016.

The JL&JORs have received a small number of challenges and they are receiving due consideration. However, a trust company holding a number of participations that represent some 15% of the value of losses to be recovered from the Participants in accordance with the terms of the Program have notified me that they are taking advice on the matter and have sought an extension of 30 days. The JL&JORs have taken advice and have concluded that a failure to grant a reasonable extension would be considered an unreasonable decision and might well be successfully challenged in Court. Accordingly, the JL&JORs have agreed to extend the deadline by 21 days and this will expire on 11 March 2016.

As a result the JL&JORs will not be in a position to make the planned interim payment before any challenge is received and assessed. Only once the JL&JORs have received and have had the opportunity to properly assess any such challenge will a notice be posted on this website with an update as to when a payment may be expected.

18 February 2016