NOTICE OF DECLARATION OF DIVIDEND – 24 August 2018

 

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 3.8p 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 13 July 2018, totalled £1,908,568,708, 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 13 July 2018, totalled £1,775,965,636, made up as per the attached receipts and payments accounts;
  • A provision of £27,646,480 has been made for potential administration expense claims, a provision of £21,087,998 has been made for meeting the potential costs to closure, and a provision of £19,245,468 has been made in respect of unsecured creditors;
  • The total amount to be paid to non-preferential creditors in this distribution is £85,704,752.28, reflecting a third interim dividend of 3.8p in the pound on admitted claims and catch-up dividends with a cumulative total of 38.6p in the pound (in respect of the first and second interim dividends) for claims admitted since the date of the second dividend;
  • I anticipate that a fourth interim dividend will be made to unsecured creditors before the end of June 2019. It is not possible at this juncture to provide an indication of the anticipated p in the £ of this fourth interim 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 nortelemea@uk.ey.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.

 

Please click here for the Receipts and Payments accounts »

 

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.