Isle of Man
Template 9 

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

Update 24 January 2017


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

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

Update in respect of the first interim distribution and any future distribution

Further to earlier updates (and for the reasons explained in earlier updates, in particular 12 February, 24 March, 27 April, 6 June and 21 November 2016) the JL&JORs applied to the Isle of Man Court for directions as to the appropriate methodology to utilise for both the proposed interim and the final distribution. In accordance with the approach outlined in the update of 21 November 2016, Participants and Loan Note Holders were contacted and provided with detailed information about the application and copies of the principal documents.

At a directions hearing on 17 January 2017, the Court fixed the full hearing of the application for 10am on 21 February 2017 (half a day allowed) and required that the JL&JORs file a skeleton legal argument and authorities by 7 February 2017 (a copy of the order can be found here). No parties had indicated in advance of the 17 January 2017 that they intended to participate in the substantive hearing and there were no appearances by any other parties at the directions hearing.

A further update will be posted once the Court has heard the application and reached its decision.

24 January 2017