We refer to our brief update statement of 9 February 2018. The 21 day appeal period referred to in the previous update has now passed, and appeals have been lodged at court in respect of the rejected claims. In light of this, the Joint Special Administrators and the Joint Supervisors consulted with the Participating Creditors, and certain representative Exiting Creditors with respect to the implementation of the CVA. A number of issues have been raised by both the Participating Creditors and the Exiting Creditors such that the Joint Special Administrators and the Joint Supervisors concluded that it was appropriate to seek direction from Court in respect of whether or not to proceed with the implementation of the CVA. Please find below a copy of the application notice to Court for your information. Should any interested creditor wish to review the supporting documentation in respect of the application, a copy can be requested by emailing mfglobalclaims@kpmg.co.uk. A procedural hearing in respect of the application has been scheduled for 10 April 2018. At the procedural hearing, the Court will determine the timing and process for the substantive hearing where the Court will hear arguments as to whether or not the CVA should be implemented. It is expected that the substantive hearing will be heard on an expedited basis in mid-May. A further update shall be provided following the procedural hearing.
Court Sealed Application Notice (PDF 539 KB)
