Just spoken to Chris Coles at BDO Stoy Hayward again about payments from the Highbury ring-fenced fund. This has the money intended to go to those who did work for Highbury at the start of the year, before it went into receivership. Here’s the latest info:
BDO Stoy Haward and Ernst & Young are still in the process of making the application to the court to make BDO the administrator of this fund. He’s expecting that to go through this month, although they don’t have a court date yet.
The letter that tells everyone about what’s happening is due to go out in the next day or so. They’ve been trying to make sure the list of people it goes to is as complete as possible – apparently, the list of people in the “trust document” is very long.
Once court confirmation comes through, they’ll be able to look through individual claims. Coles hopes to be able to do this as quickly as possible, although there a few claims and technical issues that might mean it takes “a little while” to review them all. He does say, however, that the company “has no real interest in dragging out” the process. “It’ll make life easier if we make the distribution as soon as possible.”