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At least one further dividend will be paid by the Global Liquidators, although the amount and timing remain uncertain. Further information may be posted on the BCCI website at the appropriate time.
return to topThere are a number of reasons why a dividend payment may not have been received.
It may be because:
If none of the above apply, please contact the Creditor Claim helpline.
return to topThe Liquidators are currently engaged in a large number of cases progressing through the Courts. These cases are highly complex and take time to prepare and present to Court. The Court determines the timetable for such cases to be heard. Any future dividends will predominantly be made up of receipts from the success of these actions combined with other additional recoveries. It is necessary therefore, that we wait for key cases to be determined before announcing further dividends.
return to topYou must notify the Liquidators of any change of personal detail IN WRITING by letter or by fax. Alternatively, you can download a 'change of address' form / 'payment' form from the UK download page. It is important that all the account holders (or nominated signatories) sign the instruction letter/form and that the signatures match the records held by BCCI. The instruction letter/form should state all account numbers to which the changes apply. It is not possible to make any changes over the phone. In due cours, we will send a letter to confirm any changes made to our records.
Please note that the payments are issued to the creditor name(s) unless an alternative is provided to us. You should therefore ensure you have an account of the same name(s) or your bank may reject the payment.
return to topYes. You can download a 'Power of Attorney' form from the UK downloads page or contact the Creditor Claims department to request a Power of Attorney form. Only our forms will be accepted.
Once completed, the Attorney has the right to do the following:
The Attorney can be revoked by the account holder(s) at any time. You can download a 'Power of Attorney Revocation' form from the UK downloads page.
return to topIf your cheque was issued in Luxembourg (a Caisse D'Epagne cheque), it is not usually possible to have it re-issued because of a name change. It is advised that you contact your bank and ask for specific advice on how you can deposit the cheque.
For cheques issued in the UK (a NatWest cheque), it may be possible to re-issue the cheque in a different name, however it usually takes a number of months before the cheque can be prepared.
return to topCheques are occasionally lost in the post or by creditors once they have been received. It is possible to "stop" a cheque to prevent it being cashed. However, it is recommended that if the cheque has not been received in the post, creditors wait at least a month from the date the payment was issued before contacting the Creditor Claims department. Please note that in some parts of the world, post does take a considerable length of time and once a cheque has been stopped, it CANNOT be cashed if subsequently it is delivered.
To stop a cheque all account holders (or nominated signatories) must sign a letter or fax, instructing us to "stop the cheque". The instruction must include all relevant claim reference numbers.
return to topThe Luxembourg Liquidators are responsible for issuing the vast majority of cheques. The systems they use to print and issue the cheques require a sensible number of payments to be paid at one time to operate in a cost effective manner. Accordingly, creditors may experience a delay of up to three months after completing the necessary paperwork before receiving any outstanding payment.
return to topOnly high-value dividend payments (dividends on claims in excess of US$ 1 million) can be made by telegraphic transfer. The Liquidators will have advised you if your dividend can be paid by telegraphic transfer.
return to topThe DPB provided compensation of 75% for sterling deposits up to £20,000. UK creditors who received compensation from the DPB agreed to the diversion of dividend payments to the DPB until all the compensation they received was repaid. These diversions include dividends on accounts that did not receive any compensation i.e. accounts held in currencies other than £ Sterling.
Queries relating to the DPB should be sent to:
Financial Services Compensation Scheme
(formerly Deposit Protection Board)
7th Floor
Lloyds Chambers
1 Portsoken St
London E1 8BN
Isle of Man creditors who received compensation from the DCS agreed to assign their claim in full to the DCS. They will only receive a dividend once the DCS has recovered the advance that it made in full, together with the associated charges and interest. As a result, it is unlikely that creditors who have received DCS compensation for claims below £20,000 will receive any further dividends.
Queries relating to the DCS should be sent to:
Depositor Compensation Scheme
Heritage Court
41 Athol Street
Douglas
Isle of Man
IM99 1HN
Cheques cannot be sent by recorded delivery. In excess of 250,000 letters have been sent to creditors and very few items of mail have ever been lost. Furthermore, cheques are not sent to addresses where there are frequent problems with the postal service, such as Nigeria.
return to topThe last date for claims has been formally set at 31 MARCH 2010. Creditors who do not file their claims by this date will be excluded from the right to receive all dividends already declared as well as from all future dividends.
If you do wish to file a claim, you should contact the Liquidators AS SOON AS POSSIBLE. Please click here here for further information.
return to topIn the unfortunate event of a creditor's death, there are two courses of action.
Once the documentation has been provided and approved by our lawyers, we will send an indemnity form for the Executor(s) to sign.
Payments will not be released before this is received.
If you require further assistance please contact the creditor claims department.
return to topThe Liquidators understand the hardship that the closure of the Bank has caused many depositors. However, it is a prerequisite of the English law that the Liquidators operate under, that all classes of creditor are treated equally. The Liquidators are therefore unable to make any individual arrangements to pay creditors no matter what their personal circumstances are.
return to topInternational banking regulations require that all creditors complete a Declaration of Beneficial Ownership of funds form for the account(s) held with BCCI.
In order to qualify for future dividend payments from Luxembourg, a declaration must be completed for each account.
The form can be downloaded from the UK downloads page - please select the 'Individuals' form for individuals, or the 'Company' form according to the account held with BCCI.
On the form, each person or persons associated with an account (both personal and company accounts) must identify who are/were the real beneficial owners. A clear signed statement as to the origin of the funds held in the original BCCI account must also be declared together with a photocopy of the beneficiary(ies) current passport(s) showing their signature, photograph and issue date.
Section A of the form asks that the account holder(s) declare who are the real beneficiary(ies) of the account - in many cases they will be the same but this section should still be completed. All account holders must sign this declaration.
Section B you must clearly state as to what means and from what source the account holder raised this capital before depositing it in the account with BCCI. You should be as specific as possible. For example, if the money was gained from employment then please state your profession and the company's line of business, if the money was a gift then please name the individual. All the Beneficial Owners as declared in section A should sign.
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