Andrew Hosking and Martin Ellis of Grant Thornton UK LLP were appointed joint administrators of NDF Administration Limited and Defined Returns Limited on Wednesday 14 October 2009.
NDF Administrations Limited and Defined Returns Limited were converted to creditors voluntary liquidations on 21 September 2012 and 28 September 2010 respectively. David Dunckley and Martin Ellis are appointed joint liquidators.
A telephone helpline has been setup on 0844 770 2203.
i. 16 Febuary 2015 - UPDATE - FOR YOUR URGENT ATTENTION - Lehman Brothers Securities
There has been a development relating to Lehman Brothers Securities ("LBS") and the documents; "Solicitation Memorandum Addressed to Holders of Admitted Claims Against Lehman Brothers Securities N.V. and Direct Participants in Clearing Systems Who Hold For Accounts of Holders of Admitted Claims" (the "Memorandum") and the "Executive Summary [of the Memorandum]" (the "Summary") together the "Documents".
All those investors affected by the Documents will have received a letter from the liquidator dated 29 January advising them so. Those investors that did not receive a letter are not affected by the Documents.
Capitalised terms used in the remainder of this update have the same meaning as the capitalised terms used in the Memorandum unless otherwise stated. Pages 14 to 16 of the Memorandum contain the majority of definitions used in the Memorandum.
The update below relates to the timing and process for making an Instruction.
Timing and process for making an Instruction
I understand that any UBO who wishes to receive an In-Kind Distribution must (amongst other things) instruct their Direct Participant to submit an Instruction to the Clearing System by 4pm on 25 February 2015. However, as the Memorandum states (in bold, on page 32), "The deadlines set by the Clearing Systems, Direct Participants or any other intermediary/broker for the submission of Instructions will be earlier than the relevant deadlines specified in the Solicitation Memorandum."
The Direct Participant in respect of your interest in the above plan is Brewin Dolphin plc ("Brewin"). I have contacted Brewin to confirm the process and timings for UBOs submitting an Instruction in accordance with the Memorandum.
Please note that Brewin has confirmed the following:
ii. 29 January 2015 - FOR YOUR URGENT ATTENTION - Lehman Brothers Securities
As you will be aware, NDF Administration Limited – In Liquidation ("NDF") and Defined Returns Limited – In Liquidation ("DRL") have to date received various distributions from the estate of Lehman Brothers Securities ("LBS") relating to the LBS securities in which some investors have an ultimate beneficial interest. Those distributions have been ‘re-distributed’ to investors less the costs of that distribution process.
On 16 January 2015 the liquidator of NDF and DRL received two important documents from the trustee (the "LBS Trustee") responsible for administering the estate of LBS. The two documents are:
|1) A document entitled "Solicitation Memorandum Addressed to Holders of Admitted Claims Against Lehman Brothers Securities N.V. and Direct Participants in Clearing Systems Who Hold For Accounts of Holders of Admitted Claims" (the "Memorandum"); and|
|2) A document entitled "Executive Summary [of the Memorandum]" (the "Executive Summary")|
iii. 26 November 2014 - Defined Returns Limited (In Liquidation) Annual Progress Report
A progress report in respect of the liquidation of Defined Returns Ltd is now available for you to view or download below.
|a) Defined Returns Limited (In Liquidation) Annual Progress Report|
iv. 20 November 2014 - NDF Administration Ltd (In Liquidation) Annual Progress Report
A progress report in respect of the liquidation of NDF Administration Ltd is now available for you to view or download below.
|a) NDF Administration Ltd (In Liquidation) Annual Progress Report|
v. 12 August 2014 - Second interim Lehman distribution
We have now made our second interim distribution to those Lehman investors who had not previously been compensated by the FSCS. As such, these investors should have recently received a letter with an attached cheque representing the second interim distribution.
We are not in a position to comment on when the next (i.e. third) distribution will be available as this is subject to the timings of individual distributions from the respective Lehman entities who have not, as yet, confirmed a firm timescale.
I will update this website when I am in a position to confirm the timing of the third distribution. Please do not contact the helpline with this query as they will be unable to provide any further information.
vi. 22 October 2013 - Lehman Brothers International (Europe) (LBIE) distributions
It has recently come to the attention of the Joint Liquidators of NDF Administration Limited – In Liquidation (NDF) and Defined Returns Limited – In Liquidation (DRL) that investors would like clarification as to the apparent discrepancy between the Lehman distributions that are quoted in the British press of up to 100p in the £ and the distributions that they are receiving.
The Joint Liquidators confirm that the distributions that are quoted related to LBIE. I confirm that neither NDF or DRL had any investments lodged with LBIE and, as such, are not entitled to any distributions from this entity.
vii. 8 October 2013 - First interim Lehman distribution
All investors who have not been compensated by the Financial Services Compensation Scheme, and who responded to our letter of 19 June 2013, should have recently received a letter with an attached cheque representing the first interim distribution.
We are not in a position to comment on when the next distribution will be available as this is subject to the timings of distributions from the respective Lehman entities who have not, as yet, confirmed a firm timescale. I will update this website when I am in a position to confirm the timing of the second distribution. Please do not contact the helpline with this query as they will be unable to provide any further information.
viii. 12 July 2013
Please find attached two template letters, for both NDF Administration Limited and Defined Returns Limited, sent to all investors with Lehman backed plans on 19 June 2013. Every investor should have received a letter for each of their plans, either confirming that they had been compensated by the Financial Services Compensation Scheme, or requesting completion of the tear off slip to participate in the forthcoming dividend.
If you believe you should have received a letter and have not, please leave a message on the Helpline (0844 770 2203) stating your name, telephone number and plan number (if available) and your call will be returned shortly.
|a) NDFA non-compensated investors|
|b) NDFA compensated investors|
|c) DRL non-compensated investors|
|d) DRL compensated investors|
ix. 13 June 2013
I am pleased to confirm that the Joint Liquidators have now received a number of distributions from Lehman entities and will shortly be in a position to make a first interim distribution to investors. In order to facilitate the distribution I will shortly write to investors. Some of the letters will require a response from investors and therefore I ask that where requested, investors respond to the letter at their earliest opportunity.
I will provide a further update on this website at the time the letters have been distributed.
Final Administration Progress Report
|i) NDF Administration Limited - Final Administration Progress Report and Conversion to Creditors Voluntary Liquidation|
Administrators' 30 month progress reports
|i) NDF Administration Limited - Administrators' 30 Month Progress Report|
Administrators' 24 month progress reports
|i) NDF Administration Limited - Administrators' 24 Month Progress Report|
|ii) Defined Returns Limited - Liquidators Annual Report|
|iii) Defined Returns Limited - Notice of Creditors Meeting|
Administrators' 18 month progress reports
|i) NDF 18 month progress report|
Administrators' 12 month progress reports
|i) NDF 12 Month Progress Report|
|ii) DRL 12 Month Progress Report|
|iii) DRL Liquidation Appointment Letter|
Administrators' 6 month progress reports
|i. NDF Administration Limited - six month progress report|
|ii. Defined Returns Limited - six month progress report|
i. HMRC ISA Update - 14 December 2011
As you will be aware from my previous progress reports in the insolvency procedures of NDF Administration Limited (NDF) and Defined Returns Limited (DRL), I have been in discussions with HMRC in relation to the lost ISA balances which many investors had built up over a number of years.
I am pleased to report that HMRC have now provided an update in respect of Lehman backed ISA products provided by NDF and DRL. HMRC intend to permit affected investors to make a single payment to a stocks and shares ISA outside normal subscription limits, up to the value of their ISA investment at the time Lehman Brothers collapsed. This will be regardless of whether or not the investor has received any compensation or other capital payment.
The intended changes set out above in relation to the failure of investments held in a stocks and shares ISA may apply where compensation or similar amounts have been paid to the investor.
The timeline for implementation is Spring 2012 and more information will be provided to investors as we receive it.
ii. Extension of administration granted by the Court - 13 September 2011
I would like to inform creditors that on 7 September 2011 the Court ordered that the administration of NDF Administration Limited be extended in accordance with paragraph 76(2)(a) of Schedule B1 to the Insolvency Act 1986 for a period of 12 months. The revised date for the automatic termination of the administration is now 12 October 2012.
A further update will be provided to creditors when the progress report is circulated. This is due to be sent by 13 November 2011.
iii. Extension Application - 19 August 2011
I would like to inform creditors that it is my intention to extend the administration of NDF Administration Limited for a further 12 months.
In order for me to continue running the RBS products in administration, whilst a longer term alternative is sought, the Company has the benefit of certain permissions from the FSA. These permissions would likely be withdrawn should the Company be wound up. Therefore if I were to convert the administration to a creditors' voluntary liquidation, pursuant to my proposals, prior to the transfer of the plan management of the RBS products it would force the early winding up of these investments.
iv. Extension Application - 1 September 2010
I would like to inform creditors that it is my intention to extend the administration of NDF Administration Limited for a further 12 months. I am continuing to discuss a potential sale, of the ISA Mortgage Book, which is likely to be a protracted process involving contract negotiations with third party insurers.
Given the complexity of the administration of the book it will require considerable technological development for an interested party to be able to integrate the new book into their business. These parties may also need to obtain FSA permissions which could take up to 6 months.
Furthermore, in order for me to continue administering these products in administration the Company has the benefit of certain permissions from the FSA. These permissions would be withdrawn should the Company be wound up. Therefore if I were to convert the administration to a creditors voluntary liquidation, pursuant to my proposals, prior to the transfer of the book it would eradicate all of the book's realisable value.
v. Update to Investors 14 January 2010
Further to the update dated 12 January 2010 regarding the return of funds for any surrendered ISA mortgage plans, OPAL have advised that cheques will be released in the week commencing 25 January rather than Friday 22 January as previously stated.
vi. Update to Investors 12 January 2010
ISA status monies
Defined Income Plan August '09 and RBS plans (Autopilot, Skyline, Navigator, Royal Deposit) Cancellations
In our letter dated 3 December 2009 we informed investors who transferred investments in from alternative ISA plan managers to either:
Financial Services Compensation Scheme (FSCS) Website Link - Information for Lehman
Brothers Backed Products
The following website contains the most recent information provided by the FSCS in relation to specific products backed by Lehman Brothers.
|i. Question & Answers|
|ii. Grant Thornton Press Release|
|iii. Sale of Business and Assets|
|iv. RBS Open Plans|
|v. Letter RBS Open Plans (Royal Deposit, Autopilot, Navigator, Skyline)|
|vi. Letter to Investors|
|vii. Update 6 November 2009|
|viii. Update 13 November 2009|
|ix. Open Plan News Friday 16 October 2009|
|x. Update 3 December 2009|
|Letters to Investors dated 3 December 2009|
|i. Structured Products|
|ii. ISA Mortgage|
|iii. Pure Insurance Products|
|iv. RBS Plans (Autopilot, Navigator, Skyline, Royal Deposit)|
|v. RBS Plans Cancelled (Autopilot, Navigator, Skyline, Royal Deposit)|
|vi. Defined Income Plan August 2009|
|vii. October 2009 Maturity|
|Letters to Investors dated 7 December 2009|
|i. Lehman Backed Products - NDF|
|ii. Lehman Backed Products - DRL|
I attach copies of the administrators' proposals in respect of NDF Administration Limited and
Defined Returns Limited below. Copies of the proposals have been sent to all known creditors and
contingent creditors (which includes investors in products where the counter-party was a Lehman
Other investors should not face any loss as a result of the administration and are not therefore creditors of either NDF Administration Limited or Defined Returns Limited. I attach the proposals below for information purposes only.
|i. NDF Proposals|
|ii. DRL Proposals|
|iii. NDF Administration Limited, notice of result of meeting of creditors (27 January 2010)|
|iv. Defined Returns Limited, notice of result of meeting of creditors (27 January 2010)|
Independent Investor Forum
The Administrators have been made aware that an independent investor forum has been setup on the following website: http://www.missoldinvestments.co.uk
Neither Grant Thornton UK LLP nor the joint administrators of NDF Administration Limited and Defined Returns Limited take responsibility for the content of any external website. The inclusion of a link to an external website from the joint administrators' NDF Administration Limited / Defined Returns Limited website should not be understood to be an endorsement of that website or the site's owners or contributors