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 16 June 2017


Foundations Program plc - in liquidation ("FPP")
FPA Limited - in liquidation ("FPA")
Joint Liquidators and Joint Official Receivers ("JL&JORs")
Loan Note Holders (“LNHs”)

Update for Participants and LNHs and other creditors of FPA

Update in respect of formally considering your claims, as well as the first interim distribution

Further to the update dated 4 April, please note that we are currently in the process of applying to the High Court of Justice of the Isle of Man for the appointment of Mr Russell Kelly of KPMG LLC to replace the late Mr Fayle as JL&JOR of both FPP and FPA.

In the meantime, Mr Paul Shimmin’s appointment continues and he has progressed with admitting (and, in a small minority of cases, to partly reject) individual claims against FPA in accordance with appropriate legislation and calculated using the methodology approved by the High Court of Justice of the Isle of Man. A letter to provide you with formal notice of his decision in this regard will be sent to you within the next few days. The letter will contain a breakdown of how your individual claim and share of the intended interim distribution has been calculated.

In the event that there are no unexpected delays, it is at the moment the intention to pay the interim distribution soon after the expiration of the 21-day statutory notice period from the date of Mr Shimmin’s letter. Should you require your bank details to be updated, please contact either Sue Richardson ( or Ed Houghton ( immediately.

All other matters concerning the liquidations of FPP and FPA continue as previously advised and a further update shall be published in the event of any significant developments.

16 June 2017