NOTICE OF DECLARATION OF DIVIDEND – 4 May 2018
Nortel Networks Oy (In Administration) (the “Company”)
Company number: 10391404
Registered address: BDO Oy, Vatteniemenranta 2, 002 10 Helsinki, Finland
Pursuant to rule 14.34 of the Rules, NOTICE IS HEREBY GIVEN that a final dividend to non-preferential creditors of 5p in the pound has been declared in the administration of the Company. This is in addition to the first interim dividend of 95p in the pound paid on 5 December 2017 and brings the total dividend paid to unsecured creditors to 100p in the pound.
In accordance with the provisions of Rule 14.35 of the Rules, I report that:-
- The amount received from the realisation of assets, for the period from the date of administration to 31 March 2018, totalled £3,098,897 , made up as per the attached receipts and payments accounts for the Company;
- Payments in the administration, for the period from the date of administration to 31 March 2018, totalled £2,897,374, made up as per the attached receipts and payments accounts;
- A provision of £25,502 has been made for potential administration expense claims and a provision of £172,407 has been made for meeting the potential costs to closure;
- The total amount to be paid to non-preferential creditors in this distribution is £3,670.99, amounting to a dividend of 5p in the pound;
- The prescribed part (in accordance with s.176A of the Insolvency Act 1986) does not apply in this case; and
- The receipts and payments account to date is enclosed showing that, following this final distribution, funds realised have already been distributed or used or allocated for expenses of administration. Accordingly, I do not intend to pay any further dividend to any class of creditors.
For further information please email us at email@example.com or call +44 (0)118 328 2523. Each creditor who will be receiving a dividend will also be receiving a formal letter in the post with further details.
The Institute of Chartered Accountants in England and Wales (in the UK) authorises AR Bloom and SJ Harris to act as Insolvency Practitioners under section 390A(2)(a) of the Insolvency Act 1986, and the Association of Chartered Certified Accountants (in the UK) authorises AM Hudson to act as an Insolvency Practitioner under section 390A(2)(a) of the Insolvency Act 1986.
The affairs, business and property of the Company are being managed by the Joint Administrators, who act only as agents of the Company and without personal liability.
We may collect, use, transfer, store or otherwise process (collectively, ‘Process’) information that can be linked to specific individuals (‘Personal Data’). We may Process Personal Data in various jurisdictions in accordance with applicable law and professional regulations including (without limitation) the Data Protection Act 1998.