First Interim Client Money Distribution Update - 11 December 2012

This update details actions that the Joint Administrators request client money claimants to complete in order for the Joint Administrators to make a first interim client money distribution (the ‘First Interim Client Money Distribution’) in 2013.

Please note that if you have executed a Claims Determination Deed and received a payment in the first interim unsecured dividend no further action is required by you at this time.  Additionally, if you participated in the small claims settlement offer (‘SCSO’) you should disregard this update.

First Interim Client Money Distribution 

Preparations are underway to enable the Joint Administrators to pay a First Interim Client Money Distribution in the first half of 2013.

The Joint Administrators wish to maximise participation both in terms of the number of participants and the value of the distribution.

In order to ensure that all eligible beneficiaries have the opportunity to participate in the First Interim Client Money Distribution, the Joint Administrators request client money claimants, to the extent they have not already done so, to:

a)     Submit a valid proof of debt; and
b)     Upon submission of a valid proof of debt, request and execute a claims determination deed (“CDD”) from LBIE in order to agree the Client Money Claim Amount and participate in the First Interim Client Money Distribution.

For further instructions on how to submit a proof of debt for the purposes of Client Money please refer to the Client Money 18 July Update.  

Please be advised that if you have a client money entitlement and have previously submitted a proof of debt, and did not participate in the first interim unsecured or SCSO distributions, we will be in contact with you over the coming months to finalise and agree your client money entitlement.

SCSO

Client money claimants are also eligible to participate in the SCSO. For more information with regards to participating in the SCSO, including information in respect of specific requirements and deadlines, please refer to the SCSO Frequently Asked Questions.  

Please be aware should you wish to participate in the “catch up” first interim dividend or SCSO in February 2013 certain conditions must have been met by January 31 2013.  For more information with regards to these conditions, please refer to the 9 November Creditor Update.  

Please be advised, that, in respect of those counterparties which we consider do not have an entitlement to the Client Money pool, we intend to inform them of this view in advance of any distribution.

If you have any questions with regards to this update please contact clientpositionresponses@lbia-eu.com.