Isle of Man
Template 9 

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

Update 23 February 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 and 24 January 2017) 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 distributions. The Application was heard on 21 February 2017.

As identified in the June 2016 update, the dissenting Participant did not consent to the methodology proposed by the JL&JORs (“JL&JORs Methodology”) and did not withdraw its stance of objection. Despite this objection, the dissenting Participant did not attend the hearing nor did it file or participate in any way in the proceedings.

The Court considered the evidence and arguments submitted by the JL&JORs and granted the Application and directions sought. Deemster Doyle gave a direction that the JL&JORs are authorised to utilise the JL&JORs Methodology in any interim distributions and the final distribution of FPA (a copy of the order can be found here).

There is now technically a six week appeal period but during this time frame the JL&JORs will be making their final steps to make the interim distributions and will be writing to Participants and LNHs directly to progress and pay the interim distribution.

It is the intention of the JL&JORs to make an interim distribution on or before 7 April 2017.

23 February 2017