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Landsbanki Guernsey Limited (in Compulsory Liquidation)

17 October 2013

Update on Liquidation

This update is being provided to keep creditors informed of the progress of the Liquidation of Landsbanki Guernsey Limited (in Compulsory Liquidation) (“LGL”).

Alternative Claim

Creditors are advised that the Joint Liquidators’ Icelandic Counsel have indicated that the court hearing is not expected to take place until Spring 2014 due to the significant number of cases still being heard by the Icelandic courts.  Thereafter a decision would be expected within 4 weeks.  Any appeal is unlikely to be heard until 2015.

Expected outcome

The Joint Liquidators maintain the upper end of their recovery expectations for LGL at 91p/£. Should LGL be successful in the Alternative Claim recoveries are expected to be significantly higher than 91p/£. Whilst the Joint Liquidators continue to be cautious about this eventuality, the Joint Liquidators maintain the view that, in all the circumstances and taking into account a number of factors, it remains in the best interests of LGL's creditors to continue to proceed with the Alternative Claim.

Future distributions

Cash balances currently available for distribution (excluding any amounts due on the realisation of the LIHF debt) amount to approximately £1.6m however the Joint Liquidators do not expect to make any further distributions to creditors until the final dissolution of LGL. This is not expected to be until the final resolution of the Alternative Claim (see above).

Creditors and depositors are reminded of the requirement to notify the Joint Liquidators of any change in contact or nominated account details.  Further, any depositor or other creditor who has yet to make contact with the Joint Liquidators or receive the first or second distributions is asked to contact the Joint Liquidators as soon as possible.

Further communications

Updates will continue to be made via the website in order to keep costs to a minimum.

Note: This update has been prepared for the benefit of creditors. The information presented in this report has not been subject to independent audit verification by Deloitte LLP or by the Joint Liquidators.

MORE Previous updates

  • Landsbanki Guernsey Limited (in Compulsory Liquidation) update 1 May 2013
    This update is being provided to keep creditors informed on the progress of the Liquidation of Landsbanki Guernsey Limited.

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