After quite a long break, I've spoken to Chris Coles of BDO again about progress on paying out on the ring-fenced fund to Highbury creditors. After admitting that paying out by Christmas last year was hopelessly optimistic, he now thinks BDO should be able to pay out within a couple of months. He says:
“Because of the way it was set up, it raised some complicated issues. At first view, it was simple and quick, but it's just delayed it.”
There are still some technical issues to overcome to with tax liability and determining whether there are any separate classes of creditors, but BDO has definitely been appointed by the courts to deal with the issues.
Not sure how much to rely on that “two months” thing with Christmas coming up, but fingers crossed it won't be too much longer now.
Hi Rob
Having just emigrated I lost track of what's happening with BDO.
Obviously, two months have come and gone. I don't know who to contact since all my paperwork is still in boxes, so I was wondering if you had any further information yourself.
Not heard - or had the time to find out - anything more. My suspicion is the BDO boys are going to keep finding reasons why it's too tricky to pay out yet. If you (or anyone else) want to try getting hold of Chris Coles, his number is 020 7893 3243. Let us know how you get on!
Has anybody heard anything since?
No. I've not heard a word. I'll probably give them a call at some point, but I'm pretty much assuming that one of the following will be true:
a) they're dragging their heels and nothing's ever going to happen
b) if something does happen, the administrator's fees will be so high, we won't get much
c) there's been some legal challenge to the whole principle of the ring-fenced fund and legal fees, etc, will eat it all up anyway.