Brief thoughts on the COI minutes dated 13.7.2012

  • Gordon 45
  • 22/10/08 n/a (free)
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Posted: Fri, 19/10/2012 - 12:31

Hi folks,

Attaching brief thoughts on the COI minutes, dated 13.7.2012 and issued on the 16.10.2012. Attachment used to retain the format used in the minutes. Hope to post my thoughts on the Sept figures later this afternoon.


Gordon 45

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Hi Gordon 45, Re your queries

  • anrigaut
  • 19/10/08 30/10/09
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  • Fri, 19/10/2012 - 13:07

Hi Gordon 45,

Re your queries on point 8 (Estimated Outcome):

"It was noted that 91% has now been paid out to ordinary creditors and that the estimated final outcome range will be updated shortly but will remain less than 100%. ....
– Does this imply that we can expect an increase in estimated returns from the JLs shortly (are they awaiting the E&Y [KSFUK] ‘6 monthly progress report update to see if they raise their estimates?)?"

These were minutes of a meeting held on 13 July - ie before the announcement on 17 August of the updated estimated outcome (to between 97.2p and 99.0p in the £). So no, I don't think we can expect a further update shortly.

"The potential consequences of achieving 100% or more were discussed. It was noted that the interest rules under IOM insolvency legislation are archaic, and it was agreed that the JLs will prepare a paper for the Committee so that the potential issues can be properly considered.
-... But it appears others have also made representation, hopefully including our colleagues on the COI."

Our COI reps have indeed been requesting such a paper for quite some time and now say they are expecting it "soon" (whatever 'soon' means to the JLs!), hopefully so that it can be considered at the next conference call to be held "in the autumn" (whatever that means!).

Re your query to point 6, I would suggest the short answer is almost certainly yes.

To Anrigaut

  • Gordon 45
  • 22/10/08 n/a (free)
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  • Fri, 19/10/2012 - 13:40

Hi There,

Thanks for your input especially re my mistake regarding point 8 - estimated outcome from Liquidation. Although I still think we could see an improvement from E&Y (KSFUK) and that should affect our JLs thoughts at some point.

Thanks again for getting me back into the straight and narrow. Some one has to.

Take care,

Gordon 45


  • sambururob
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  • Sun, 21/10/2012 - 11:59

to Anrigaut and Gordon for your tireless efforts.
Rob and Wendy