Announcement by the Trustees to Contributors of the New Code Fund of the Live Conversation Service Providers Compensation Fund
10 February 2011
As announced on 22 May 2009, the Fund is in the process of being wound up and monies being returned to eligible contributors as at that date.
The initial number of eligible contributors was 72, but prior to the first interim distribution 1 contributor ceased to exist and therefore this number was reduced to 71 as per our Announcement dated 22 January 2010. Of these remaining 71 contributors, only 64 have been paid their initial distribution amount and of those 64 contributors a further 7 company contributors have since ceased to exist. Therefore, at present there are 57 contributors who have already received their initial distribution amount and who remain eligible to participate in any further distributions. However, there are still 7 (of the original 72 eligible contributors) who have not been located and thus who have not been paid any distribution at all. If these missing 7 contributors cannot be located, then the actual number of contributors who could participate in the balance of funds would reduce to 57 contributors, but this cannot be stated with any certainty.
The original estimate was that each contributor would receive back a total of £7,200 and the Trustees’ view remains that this should still be achieved. However, the final amount available will still depend on a number of factors, not least if the 7 missing contributors can be located. As mentioned previously, the Trustees will continue to periodically assess the likelihood of tracing the remaining contributors and the likelihood of any challenges to the winding up.
As a reminder, the Fund is likely to continue until 22 May 2015 being the date the Trustees can be fully satisfied that they are in a position to finally wind down the Fund. Accordingly, the Trustees have presently resolved that the balance of monies currently available for distribution should continue to be retained for this period.
Please find below the latest Interim Distribution Statement showing the position of the Fund - starting from the first day of the current financial period to date – and the expected final balance available to contributors.
Unless otherwise advised to us in writing, all correspondence will be sent, in the case of companies, to the registered office address shown at Companies House or equivalent for foreign companies and, in the case of individuals, to their last known address notified to us. It would greatly assist the Trustees if you would notify us if your address has changed by email (email@example.com), by fax (0870 762 7925) or by post.
Dated 10 February 2011
Steven Conybeare and Paul Hampton
3rd Floor, Clearwater House
4-7 Manchester Street
London W1U 3AE
To view a PDF of the announcement, which includes the Distribution Statement for the period 6 April 2010 - 31 December 2010, please click here.