BusinessBusiness RecoveryDeloitte to recover 90% for Landsbanki creditors

Deloitte to recover 90% for Landsbanki creditors

Deloitte is in line to retrieve almost all the outstanding debts for creditors in Landsbanki's administration

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.”

Further reading:
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divisions swap $1bn of assets

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