Notice of Declaration of Dividend - 20 February 2025

Nortel Networks UK Limited (In Administration) (“the Company”)
Company number: 3937799
Registered address: 1 More London Place, London, SE1 2AF, UK

Pursuant to Rule 14.34(1) of the Insolvency (England and Wales) Rules 2016 (“the Rules”), NOTICE IS HEREBY GIVEN that a seventh interim dividend to non-preferential creditors of 0.739p in the pound has been declared in the administration of the Company.

In accordance with the provisions of Rule 14.35(3) of the Rules, I report that:-

• The amount received from the realisation of assets, for the period from the commencement of administration to 13 January 2025, totalled £1,810,391 made up as per the receipts and payments accounts for the Company included in the latest Joint Administrators’ Progress Report, in addition to an opening balance of £236,900,621;
• Payments in the administration, for the period from the commencement of administration to 13 January 2025 totalled £2,020,047,693 made up as per the receipts and payments accounts for the Company included in the latest Joint Administrators’ Progress Report;
• A provision of £2,556,984 has been made for potential administration expenses and for meeting the potential costs to closure. A specific provision of £2,279,555 has been made in respect of potential unsecured creditors. A further general provision of £5,000,000 continues to be made in respect of potential unsecured creditors and any unexpected matters that may arise in the final stages of the administration;
• The total amount to be distributed to non-preferential creditors in this distribution is £17,435,780, reflecting a seventh interim dividend of 0.739p in the pound on admitted claims and catch-up dividends with a cumulative total of 48.469p in the pound (in respect of the first, second, third, fourth, fifth and sixth interim dividends) for claims admitted since the date of the sixth dividend, or for unsecured creditors that were previously unable to receive payment of prior distributions, bringing the total cumulative distribution to 48.469p in the pound;
• The Joint Administrators anticipate being in a position to pay an eighth and final dividend to unsecured creditors prior to the conclusion of the administration. It is not possible at this juncture to provide an indication of the anticipated pence in the pound of this eighth 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 nortelemea@uk.ey.com. Each creditor who will be paid a dividend will also be sent a formal letter in the post with further details.

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