On 4 April 2008 the Scheme of Arrangement between Rafidain Bank and its Scheme
Creditors became effective and all Scheme Creditors are now bound by the
provisions of this Scheme of Arrangement. All known Scheme Creditors were sent
a Claim Form dated 7 April 2008 with instructions to complete and return the
Claims Form, to the Scheme Administrators by no later than the Claims Date of 6
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16 December 2012
RAFIDAIN BANK IN PROVISIONAL LIQUIDATION AND SCHEME OF ARRANGEMENT
The Scheme Administrators have paid two dividends to creditors with Admitted Scheme claims totalling 56.67684 cents in the dollar/pence in the pound. At the commencement of the Scheme in 2006, it was not envisaged that the Scheme Administrators could be as successful as to return more than 50 cents in the dollar/pence in the pound to creditors. The PLs and Scheme Administrators are therefore delighted with this result.
There are no more funds available in the Provisional Liquidation so the Scheme Administrators are now taking steps to close the Scheme. In accordance with clause 40.1 of the Scheme, the Scheme will terminate when the Scheme Administrators issue formal notice on the Rafidain website confirming that the distribution to creditors has been completed.
The Provisional Liquidators will apply to the English Court to vacate office, following which they will seek their release from liability in relation to the Provisional Liquidation of Rafidain Bank. It is currently anticipated that the closure of the Provisional Liquidation will be completed during the second quarter of 2013.
As part of the closure process, the Rafidain Bank inbox, being
firstname.lastname@example.org will be closed.