NOTICE OF DECLARATION OF DIVIDEND – 4 May 2018

 

Nortel Networks Romania SRL (In Administration) (the “Company”)
Company number: J40/3642/1999
Registered address: REGUS, 169A Calea Floreasca, Corp A, Etage 4, Bucharest 014472, Romania

Pursuant to rule 14.34 of the Rules, NOTICE IS HEREBY GIVEN that a 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 £4,191,041 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 £3,734,129, made up as per the attached receipts and payments accounts;
  • A provision of £300,911 has been made for meeting potential costs to closure.
  • On 22 November 2017 the Company received a capital contribution of £725,000 from Nortel Networks UK Limited from the Nortel EMEA group's ultimate parent company, Nortel Networks UK Limited (in administration), pursuant to the terms of the Intra-EMEA Settlement Agreement dated 12 October 2016;
  • The total amount to be paid to non-preferential creditors in this distribution is £46,147.02, amounting to a final 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 claims@emeanortel.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.

 

Administrators' Receipts and Payments account for the period: 14 January 2009 to 31 March 2018 »

 

The Institute of Chartered Accountants in England and Wales (in the UK) authorises A R Bloom and S J 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 A M 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.