Notice of Declaration of Dividend - 11 July 2019
Nortel Networks UK Limited (In Administration) (“the Company”)
Company number: 3937799
Registered address: Unit 120, 400 Thames Valley Park Drive, Thames Valley Park, Reading, Berkshire, RG6 1PT, UK
Pursuant to rule 14.34 of the Rules, NOTICE IS HEREBY GIVEN that a dividend to non-preferential creditors of 2.6p in the pound has been declared in the administration of the Company.
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 14 June 2019, totalled £1,940,778,986, made up as per the attached receipts and payments accounts for the Company and its Saudi Arabian branch;
- Payments in the administration, for the period from the date of administration to 14 June 2019, totalled £1,870,271,721, made up as per the attached receipts and payments accounts;
- A provision of £20,150,000 has been made for potential administration expense claims, a provision of £16,000,000 has been made for meeting the potential costs to closure, a provision of £15,149,882 has been made in respect of unsecured creditors and a reserve of £98,251 reflecting funds held on trust by the Company in respect of unclaimed dividends owed to creditors of certain EMEA Nortel group subsidiaries;
- The total amount to be paid to non-preferential creditors in this distribution is £59,023,826.93, reflecting a fourth interim dividend of 2.6p in the pound on admitted claims and catch-up dividends with a cumulative total of 42.4p in the pound (in respect of the first, second and third interim dividends) for claims admitted since the date of the third dividend;
- I anticipate that a fifth and final dividend will be made to unsecured creditors during the course of 2020. It is not possible at this juncture to provide an indication of the anticipated p in the £ of this fifth and final distribution; and
- The prescribed part (in accordance with s.176A of the Insolvency Act 1986) does not apply in this case.
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.