Bank of Credit and Commerce International Holdings (Luxembourg) SA
Bank of Credit and Commerce International SA
The hearing of the Luxembourg district court on 13 January 2012, referred to below, was adjourned as the status of the ongoing recovery efforts did not allow the Court to determine the final dividend.
The Court has set a new date for the public hearing of the petition for Wednesday 29 February 2012 at 9 o'clock in court room CO.1.01, Tribunal de Commerce, Cite Judicaire Bat C 01, Plateau St Esprit, L-2080 Luxembourg.
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.
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, (the "BCCI Liquidators") previously published information regarding the global liquidation closure procedures, 31 March 2010 having been set as the last date by which creditors were to file their claims in order to receive dividends. Further key steps towards closure of the global liquidation have been taken. However, due to ongoing recovery efforts the closure timetable previously published has been delayed.
On the basis of a petition of the Liquidators appointed in Luxembourg to start their closure processes of the BCCI SA and the BCCI Holdings liquidations, to pass their final accounts, and to declare the final dividend, the Luxembourg district court sitting in commercial matters by an order dated 15 June 2011 in conformity with Luxembourg law, appointed an expert in order to express his reasoned and detailed opinion in written reports on the passing of the final accounts of BCCI SA for the period from 3 January 1992 to 31 December 2011 and of BCCI Holdings for the period from 11 June 1992 to 31 December 2011. The order required the expert to file these reports with the Court by 5 January 2012 at the latest.
The order also required the expert to file another reasoned and detailed report expressing his opinion on the correctness of the last dividend rate, taking into account the receipts and expenses still to be collected and incurred by the liquidations through to final closure. This report was required to be filed with the Court by 10 January 2012 at the latest.
The Court has set the date for the public hearing of the petition for the passing of accounts and the determination of the final dividend for Friday 13 January 2012 at 9 o'clock in court room CO.1.01, Tribunal de Commerce, Cite Judicaire Bat C 01, Plateau St Esprit, L-2080 Luxembourg.
As previously publicised, as part of the closure process there will be a Court hearing in the Cayman Islands to approve the final reports and accounts for the Cayman liquidations. The hearing had been scheduled to take place during late 2011 but it has been deferred. The date of this hearing will be finally fixed once all ongoing recovery efforts have been concluded and the Cayman liquidations have been completed. The hearing is currently scheduled to take place on 14 May 2012, subject to the conclusion of the ongoing recovery efforts.
Notice of the hearing will be sent in due course to those creditors entitled to attend.
As previously publicised, as part of the closure process there will be a final meeting of creditors of the English, Scottish and Isle of Man liquidations. The meeting had been scheduled to take place during late 2011 but it has been deferred. The date of this meeting will be finally fixed once all further recovery efforts have been concluded and the English liquidation has been completed. The meeting is currently scheduled to take place in May 2012, subject to the conclusion of the ongoing recovery efforts.
Notice of the meeting will be sent in due course to those creditors entitled to attend.
The Liquidators appointed in the UAE will, as previously publicised, in due course submit a final report to the Central Bank of the UAE, BCCI Holdings (in its capacity as shareholder), and the Abu Dhabi Department of Finance. The timing of submission of this report will depend upon the timing of the final closure procedures of the Luxembourg liquidation.
The final dividend rate and the timing of its payment will only be determined once the ongoing recovery efforts have been concluded and the relevant procedures completed through the Luxembourg and Cayman Courts.
For information, however, the Financial Summary for the global liquidation as at 30 November 2011 showed distributable funds which would have enabled a final dividend of 3.5586%. This would have given a final aggregate dividend of 90.0586%. It is important to note that this is not an estimate of the actual final dividend. There are ongoing costs as well as potential future recoveries which will affect the actual final dividend.
The final dividend is currently scheduled to be paid in July/August 2012 subject to the conclusion of the ongoing recovery efforts.
Notwithstanding the ongoing implementation of closure procedures, the BCCI Liquidators are continuing to pursue various recoveries. Any recoveries made by the BCCI Liquidators before the final dividend is formally declared will be included in that dividend.
If creditors have any questions, they should contact the relevant BCCI Liquidators using the contact details set out below.
BCCI SA (In Liquidation)
2 - 4 rue Beck
L-1222
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
Email: bccicayman@deloitte.com