Update to Participants and Loan Note Holders and Other Creditors of FPP & FPA
Update 20 December 2023
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
Following the finalisation of protracted litigation, the Joint Liquidators are in a position to calculate whether a final dividend will be possible. Following this they intend to take steps to conclude the liquidation.
Currently, subject to financial reconciliation of available funds, we estimate that a sum of circa $1.2 million is available for distribution amongst those creditors who have submitted a Proof of Debt claim and has previously been admitted for dividend.
In view of the passage of time, the JL&JORs will contact all creditors who have submitted a Proof of Debt claim and which was admitted by the JL&JORs, to obtain updated Know Your Customer (“KYC”), and bank information.
In the event that your bank information has changed since 2017 please download, complete and return the attached bank information form (a copy of the form can be found here). It is in this instance that the JL&JORs will require additional KYC documentation - this being a certified copy of your photographic ID, utility bill and bank statement both dated within the last 3 months. We attach a copy of the Guidelines to Certification to assist you with this request (a copy of the guidelines can be found here).
If the bank information used for receipt of your interim dividend has not changed then we do not require your updated KYC. However, we do still ask that you please download, complete and return the attached bank information form ensuring that you complete the section which requests confirmation of the last 3 digits of your previously advised bank account number.
The following legal matters are still pending conclusion:
- Statutory matters; and
- Clearance of suspended policies and/or underlying investments.
The JL&ORs will continue steps to conclude the above matters in the meantime.