CreditorHelpline.co.uk providing information for NDFA and DRL

NDF Administration Limited and Defined Returns Limited - both in Liquidation

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.


Latest News:

i. 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.

ii. 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.

iii. 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 Click here to open
b) NDFA compensated investors Click here to open
c) DRL non-compensated investors Click here to open
d) DRL compensated investors Click here to open


iv. 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 Click here to open



Administrators' 30 month progress reports

i) NDF Administration Limited - Administrators' 30 Month Progress Report Click here to open



Administrators' 24 month progress reports

i) NDF Administration Limited - Administrators' 24 Month Progress Report Click here to open
ii) Defined Returns Limited - Liquidators Annual Report Click here to open
iii) Defined Returns Limited - Notice of Creditors Meeting Click here to open



Administrators' 18 month progress reports

i) NDF 18 month progress report Click here to open



Administrators' 12 month progress reports

i) NDF 12 Month Progress Report Click here to open
ii) DRL 12 Month Progress Report Click here to open
iii) DRL Liquidation Appointment Letter Click here to open



Administrators' 6 month progress reports

i. NDF Administration Limited - six month progress report Click here to open
ii. Defined Returns Limited - six month progress report Click here to open




Archive News:

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:

OR
However, some of the originating plans are now closed or will not accept the return of the funds. As such, we are in discussions with HMRC over securing dispensation to return theinvestments as cash, without affecting the ISA status of the investment. This will allow investors to re-invest in another ISA product notwithstanding the normal individual limits in the fiscal year.

ISA Mortgage Plans

We are now in a position to comment further on the backlog of surrender requests for the above plan.

All outstanding requests should be processed by Wednesday 13 January, with the requiredtrades to be completed by Thursday 14 January. This should result in all investors who have requested a surrender of their policy receiving their funds by Friday 22 January.



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.

http://www.fscs.org.uk/news/2010/september/ndf-drl-arc-update/





News Archive:
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



Administrators' proposals

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 Brothers entity).

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 Click here to open
ii. DRL Proposals Click here to open
iii. NDF Administration Limited, notice of result of meeting of creditors (27 January 2010) Click here to open
iv. Defined Returns Limited, notice of result of meeting of creditors (27 January 2010) Click here to open



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