Update to Participants and Loan Note Holders and Other Creditors of FPP & FPA
Update 22 June 2020
Glossary
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
The main pending legal matters remain:
- Ongoing legal case in Guernsey;
- Statutory matters in respect of former officeholders; and
- Clearance of the suspended policies.
Unfortunately given the present legal action in Guernsey, the JL&ORs believe it is sensible to delay more detailed reporting and proposals for next steps until this matter is more clearly resolved.
The JL&ORs will continue closure of certain statutory matters and suspended policies in the meantime.
Dividend Expectations
Should a final dividend arise it is unlikely to be material and is likely to be subject to clearance of the main pending legal matters above.
Presently there has been not been a declaration of a final dividend. To date the only dividend has been the 2017 interim dividend. Prospects of a final dividend are uncertain.
Notification to Creditors who have not come forward for the 2017 Interim Dividend
Please could all creditors who have not participated in the 2017 interim dividend please come forward and provide bank details or submit proof of debts for payment of their interim dividends.