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18 Dec 2009
Administrators from Deloitte have managed to secure between 85p to 91p in the pound to creditors in the Landsbanki Guernsey insolvency.
Rick Garrard and Lee Manning were appointed joint administrators at the end of last year and announced that they would be able to supply creditors with a further 11p to 12.5p in the pound at the beginning of next year.
The latest announcement means administrators have returned almost 100% of debts owed.
Garrard said: "The increase in the recovery range reflects the largely successful realisation of assets in 2009 driven, in part, by better than feared market conditions and the intense efforts of the administration team."
He added: "It should be noted that these estimated returns are still subject to a wide range of factors primarily connected to the UK residential property market, many of which are outside of the joint administrators control, which may result in the actual return being lower or higher than this range."
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90% for landsbanki Depositors
To put your article into context. So far, some 15 months down the road depositors in landsbanki Guernsey have only recovered 55% of their deposits. This next payment is only a further 11-12.5% in january 2010. leaving at least 35% still to be recovered. A possible end recovery of 90% if all market conditions are right in the coming years, but not a sure thing by any means. look at www.landsbankiguernseyfiasco.net
Posted by: Gary Blanchford, 19 Dec 2009 | 00:00