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

Update 15 December 2021

Glossary

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

It might come as no surprise that the ongoing global COVID-19 pandemic has had a delaying effect on progress within the Foundations liquidations.

By way of a brief update to Participants, Loan Note Holders and Other Creditors of FPP & FPA, the Joint Liquidators continue to be involved in the following legal matters:-

  • Ongoing legal case in Guernsey;
  • An ongoing civil case in the Isle of Man;
  • Statutory matters in respect of (former) directors; and
  • Clearance of the suspended policies.

Due to the commercial sensitivity of these legal matters, the JL&JORs do not believe it appropriate to divulge too much information at this stage, other than to say that they are making positive progress. The JL&JORs anticipate the speed at which the legal processes are being dealt with will also now improve as pandemic related restrictions are being eased.

The above-mentioned legal matters will need to be dealt with before the JL&JORs will able to consider the possibility of a final dividend, and to conclude the Foundations liquidations.

Final Dividend Expectations

To date the only dividend has been the 2017 interim dividend.

Presently there has been not been a declaration of a final dividend. Prospects of a final dividend are uncertain. Should a final dividend arise, it is likely to be of a very low value. In the event that a final dividend is possible, the JL&JORs intend writing to the Participants, Loan Note Holders and Other Creditors of FPP & FPA in the same way as they did in 2017.

Final call to submit claims

There remains a small number of Participants and Loan Note Holders who have not yet submitted their Proof of Debt claim within the Foundations liquidations. 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. Failure to do so could result in you being excluded from further distribution payments.

You do not do to anything if you have already received your share of the 2017 interim dividend.

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