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 04 April 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

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 and 23 February 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. We reported on the outcome in the previous update of the 23 February 2017 essentially confirming that JL&JORs could utilise their Methodology in any interim distributions and the final distribution of FPA.

It was confirmed that it was the intention of the JL&JORs to make an interim distribution on or before 7 April 2017.

Unfortunately it is our sad duty to advise you that Michael Fayle (the lead liquidator in the liquidations) died on the 1 April 2017. Mike had been receiving treatment at the Christie Hospital in Manchester but his condition deteriorated quickly over the course of the last week.

This has regrettably led to an unforeseen delay in the finalisation of the complex process of making an interim distribution in the liquidations and as a consequence the anticipated deadline of the 7 April 2017 cannot now be met.

We wanted to advise all parties at the earliest opportunity and therefore we are still assessing the likely revised interim distribution date. As soon as we have re-assessed the position we will post an update and thereafter finalise and pay the interim distribution.

04 April 2017