Isle of Man
Template 9 

Update to Participants and Loan Note Holders and Other Creditors of FPP & FPA

Update 20 March 2019


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

Update to Participants and Loan Note Holders and Other Creditors of FPP & FPA

Since the interim distribution in summer 2017, we have paid the majority of interim dividends. The liquidation continues to deal with a number of claimants in order to complete this distribution. This is an ongoing matter but a normal consequence of a liquidation process.

The JL&ORs of Foundations have presently had a number of legal matters to attend to. These include certain matters in respect of the period leading up to liquidation and defence of a legal claim that included Foundations made in another jurisdiction. The JL&ORs have also had to deal with extensive correspondence and potential claims matters with certain creditors and they hope to be able to resolve these matter in the near future. These matters are presently confidential at this time.

The main pending legal matters are:

  • Statutory matters in respect of former officeholders;
  • Closure of legal case in Guernsey; and
  • Clearance of the suspended policies (steps are being taken to decide how best to realise value for these illiquid investments).

In terms of dividend expectations to creditors of Foundations, there is a prospect of a final dividend however it is unlikely to be material and its timing is still uncertain.

The JL&ORs intend to provide a more substantive update in the near future.