Bank of Credit and Commerce International Holdings (Luxembourg) SA
Bank of Credit and Commerce International SA
Bank of Credit and Commerce International (Overseas) Ltd.
Credit and Finance Corporation Ltd.
International Credit and Investment Company (Overseas) Ltd.
In January 2010 the Liquidators appointed in the Cayman Islands, Luxembourg, England, and the United Arab Emirates, in relation to the BCCI/ICIC/CFC companies referred to above, publicised 31 March 2010 as the last date by which creditors were to file their claims in order to receive dividends from these liquidations (the "BCCI Liquidations"). Further steps towards closure of the BCCI Liquidations are now underway.
As part of the process for closing the Luxembourg liquidations, the Liquidators appointed in Luxembourg have filed an application with the Luxembourg Court for the passing of their Luxembourg liquidation accounts and the declaration of the final dividend. The first hearing of this application is scheduled to take place on 12 May 2011 at 9.00 o'clock in the Court handling commercial matters, sitting in l'Annexe Saint-Esprit, 7, rue du Saint-Esprit in Luxembourg, 1st floor, audience room CO.1.01. At this hearing the Luxembourg Court will be requested to appoint an expert who will review the Luxembourg liquidation accounts and submit a report to the Court. The expert will be expected to complete the report towards the end of 2011.
Creditors admitted in the Luxembourg liquidations are entitled to attend the public hearing and make any observations they consider appropriate.
As part of the process for closing the Cayman liquidations there will be a Court hearing in the Cayman Islands to approve the final reports and accounts. This hearing is currently scheduled to take place during late 2011 subject to the Luxembourg process, as outlined in this Notice, proceeding as anticipated. Notice of the hearing will be sent in due course to those creditors entitled to attend, being creditors whose claims are admitted in the Cayman liquidations, other than those whose claims were admitted in full under the Small Creditors Payment Scheme.
As part of the process for closing the English liquidation there will be a final meeting of admitted creditors of BCCI SA who filed their claims in the English, Scottish or Isle of Man liquidations. This meeting is currently scheduled to take place during late 2011 in London, England, subject to the Luxembourg process, as outlined in this Notice, proceeding as anticipated. Notice of the meeting will be sent in due course to those creditors entitled to attend.
As part of the process for closing the UAE liquidation there will be a final report submitted to the Central Bank of the UAE, BCCI Holdings (in its capacity as shareholder), and the Abu Dhabi Department of Finance. This report is currently expected to be submitted before the end of 2012 subject to the Luxembourg process, as outlined in this Notice, proceeding as anticipated.
The last step in fixing the final dividend from the BCCI Liquidations, will be an Order from the Luxembourg Court declaring the final dividend in the Luxembourg liquidations. On the closure timetable as currently envisaged this Order would be expected during the early part of 2012. The Liquidators have estimated a final dividend of 3.16%. This rate has been included in the application filed by the Luxembourg Liquidators with their Court. This would bring the aggregate dividend to 89.66%.
Creditors should note that the actual final dividend will only be determined once the Luxembourg Court has made this Order declaring the final dividend.
It is expected however that the final dividend will not be less than the 3.16% rate estimated by the Liquidators.
On the closure timetable as currently envisaged, the final dividend would be paid in April/May 2012.
Notwithstanding commencement of closure procedures, the Liquidators are continuing to pursue various recoveries. Any recoveries made by the Liquidators before the final dividend is formally declared will be included in the last distribution to creditors thereby increasing the rate of the actual final dividend.
If the BCCI Liquidations are ready to close before these further recovery efforts have been concluded, arrangements may be made with certain major BCCI creditors or others to enable these recoveries to continue to be pursued through a post-liquidation vehicle. Any recoveries made thereafter will (after costs) be held for the benefit of all creditors admitted in the BCCI Liquidations. Creditors will be notified if such arrangements are put in place.
BCCI SA (In Liquidation)
2a Kalchesbruck
L-1852
Luxembourg
Tel: +352 43 64 64 1
Fax: +352 42 66 61
BCCI SA (In Liquidation)
Athene Place, 5th Floor
66 Shoe Lane
London, EC4A 3BQ
United Kingdom
Tel: +44 (0) 20 7007 0800
Fax: +44 (0) 20 7007 0799
Email: ukbcci@deloitte.co.uk
Liquidation Administration of UAE Branches of BCCI (SA) Luxembourg
PO Box 2255
Abu Dhabi, UAE
Tel: +971 2 6663204 / 6650600
Fax: +971 2 6658254
BCCI (Overseas) Ltd (In Liquidation)
PO Box 1359
Grand Cayman, Cayman Islands
KY1-1108
Tel: +1 345 949 4722
Fax: +1 345 949 8258