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 27 April 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

On 18 February 2016, the JL&JORs reported that 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 had notified the JL&JORs that they were taking advice on the method of calculating the allocation of losses and have sought an extension of 30 days in which to present their challenge.

The JL&JORs have received correspondence from the representatives of the dissenting Participant setting out the objection it has to the distribution methodology. The JL&JORs have considered the objection and have responded, setting out again the basis for their methodology. The JL&JORs, having set out their position, have invited the objecting Participant to withdraw their objection to enable the JL&JORs to proceed to make a payment in the manner the JL&JORs previously proposed. If the objecting Participant declines to consent, the JL&JORs will have to consider seeking Court directions on the distribution proposals. The JL&JORs will provide a further update as soon as to whether or not this will be necessary.

27 April 2016