Unofficial Translation SEVENTH PUBLIC Date: 23 .../media/07 online services/indover...Unofficial...
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Unofficial Translation SEVENTH PUBLIC Date: 23 November2010 LIQUIDATION REPORT Company details N.V. De Indonesische Overzeese Bank (The Indonesia Overseas Bank) (‘Indover’) Liquidation number 08.0579 - F Date ofbankruptcy order 1 December 2008 Trustees in bankruptcy A. van Hees and H.P. de Haan Bankruptcy courtjudge M.L.D. Akkaya Business activities banking Consolidated turnover in 2007 EUR 20,498,000 Reporting period I June 20 1 0 to 3 1 October 2010 SEVENTH LIQUIDATION REPORT - GENERAL (A) General In the first six public liquidation reports the trustees reported on their work in the period from the date of bankruptcy ( I December 2008) to 3 1 May 20 1 0 inclusive. In this public report the trustees report on the work that they have performed in the period from I June 2010 to 3 1 October 2010 inclusive. (B) Second interim distribution; opposition by Landsbanki On 23 August 201 0 the bankruptcy court judge ordered a second interim distribution in the liquidation of Indover at the request of the trustees. The amount of that second interim distribution was set at 1 7%. After the bankruptcy court judge had approved the distribution list for the second interim distribution, that list was filed with the Court Registry of the District Court ofAmsterdam, the Netherlands. Indover’s creditors that have a validated debt claim were notified of the filing of the distribution list by letter. The distribution list for the second interim distribution was also published at the website www.stibbe.com/indover. After the distribution list for the second interim distribution had been filed, Landsbanki Islands Hf (referred to below as ‘Landsbanki’) informed the trustees in bankruptcy that it wished to oppose that distribution list. Landsbanki put forward that opposition in an attempt to ensure that its alleged claim would as yet be validated in the liquidation of Indover. The claim that Landsbanki alleges that is has against Indover amounts to EUR 3,854,000. As a result of the opposition of Landsbanki the second interim list of liquidating dividends had to be postponed until a decision was rendered in respect of that opposition. ST\ASD\1 0776340.2
Transcript of Unofficial Translation SEVENTH PUBLIC Date: 23 .../media/07 online services/indover...Unofficial...
Unofficial Translation
SEVENTH PUBLIC Date: 23 November2010LIQUIDATION REPORT
Company details N.V. De Indonesische Overzeese Bank (The IndonesiaOverseas Bank) (‘Indover’)
Liquidation number 08.0579 - F
Date ofbankruptcy order 1 December 2008
Trustees in bankruptcy A. van Hees and H.P. de Haan
Bankruptcy courtjudge M.L.D. Akkaya
Business activities banking
Consolidated turnover in 2007 EUR 20,498,000
Reporting period I June 20 1 0 to 3 1 October 2010
SEVENTH LIQUIDATION REPORT - GENERAL
(A) General
In the first six public liquidation reports the trustees reported on their work in the period
from the date of bankruptcy ( I December 2008) to 3 1 May 20 1 0 inclusive. In this public
report the trustees report on the work that they have performed in the period from I June
2010 to 3 1 October 2010 inclusive.
(B) Second interim distribution; opposition by Landsbanki
On 23 August 201 0 the bankruptcy court judge ordered a second interim distribution in the
liquidation of Indover at the request of the trustees. The amount of that second interim
distribution was set at 1 7%. After the bankruptcy court judge had approved the distribution
list for the second interim distribution, that list was filed with the Court Registry of the
District Court ofAmsterdam, the Netherlands. Indover’s creditors that have a validated debt
claim were notified of the filing of the distribution list by letter. The distribution list for the
second interim distribution was also published at the website www.stibbe.com/indover.
After the distribution list for the second interim distribution had been filed, Landsbanki
Islands Hf (referred to below as ‘Landsbanki’) informed the trustees in bankruptcy that it
wished to oppose that distribution list. Landsbanki put forward that opposition in an attempt
to ensure that its alleged claim would as yet be validated in the liquidation of Indover. The
claim that Landsbanki alleges that is has against Indover amounts to EUR 3,854,000. As aresult of the opposition of Landsbanki the second interim list of liquidating dividends had to
be postponed until a decision was rendered in respect of that opposition.
ST\ASD\1 0776340.2
Unofficial Translation
The District Court of Amsterdam held a hearing in respect of Landsbanki’s opposition on27 October 20 1 0. A meeting of creditors was held prior to that hearing. The subject of thatcreditors’ meeting was Landsbanki’s request to have its claim validated. At the meeting ofcreditors the trustees disputed that claim. The bankruptcy court judge ultimately allowedLandsbanki’s claim conditionally, within the meaning of Article 125 of the DutchBankruptcy Act (Faillissementswet), in accordance with the trustees’ request. Landsbanki’sclaim was allowed subject to the condition that it be declared well founded by a finaldecision in the claim validation proceedings. The bankruptcy court judge referred thedispute between Landsbanki and the trustees regarding the claim to the case-list hearing of22 December 2010 (claim validation proceedings). In order to give the trustees andLandsbanki an opportunity to agree on a settlement the bankruptcy court judge stayed thecreditors’ meeting pro forma until Thursday 16 December 2010 at 9i5 am. A copy of theofficial report of the creditors’ meeting can be viewed at the websitewww.stibbe.com/indover.
Landsbanki had requested the Court for a stay of the hearing of its opposition until theclaim validation proceedings between Landsbanki and the trustees would have beenconcluded. However, as a result of such a suspension it would not be possible for thesecond interim distribution to take place until after the claim validation proceedings againstLandsbanki had been concluded. As a result, the second distribution could have beendelayed for an extended period of time, possibly even several years. The Court rejectedLandsbanki’s request to suspend the hearing of its opposition — in accordance with thedefence put forward by the trustees — and closed the hearing in respect ofthe opposition bypronouncing its final decision on 5 November 2010. Landsbanki put forward its oppositionwith the intention of having its claim included in the liquidation proceedings in spite of thefact that it submitted its claim to the trustees late. After Landsbanki’s claim was
conditionally allowed at the above-mentioned meeting of creditors and the dispute between
the trustees and Landsbanki was referred to the claim validation proceedings, the opposition
put forward by Landsbanki had the desired effect. The District Court of Amsterdam
therefore declared Landsbanki’s opposition to be well founded in its final decision for that
reason.
A copy ofthat decision can be reviewed at the website www.stibbe.com/indover.
The trustees and the creditors were entitled to lodge an appeal in cassation against that
decision of the District Court of Amsterdam dated 5 November 20 10 within eight days
(Article 1 85(1) of the Dutch Bankruptcy Act). However, the trustees saw no reason to lodge
an appeal in cassation.
In view of the fact that no appeal in cassation was lodged against the above-mentioned
decision dated 5 November 2010, the trustees will proceed with the second interim
distribution at the end ofNovember 2010.
(C) Claim validation proceedings
The sixth public report states that as at 3 1 May 2010, claim validation proceedings werepending in respect of a total of six disputed claims. Those proceedings were still pending as
at the end of the reporting period. The dispute between the trustees and LandsbankiIslands Hf was also referred to the claim validation proceedings at the meeting of creditorsthat was held on 27 October 201 0 (see paragraph (B) above). Therefore, at the current time
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claim validation proceedings are pending in respect ofthe disputed claims ofthe followingparties:
- Bank Indonesia (no. 3 on the list ofprovisionally disputed claims) (disputed claimin the amount of EUR43,542,510.95). On 25 August 2010 Bank Indonesia(referred to below as ‘BI’) submitted a reply in the original proceedings, also amotion for the court to decline jurisdiction in the counterclaim proceedings. On27 October 2010 the trustees submitted a statement of defence in respect of themotion contestingjurisdiction that BI had submitted. The parties are awaiting thecourt’s judgment in respect of the motion contesting jurisdiction (see paragraph(D) below);
- GSG Metal Ltd. (Estonia) (no. 9 on the list of provisionally disputed claims)(disputed claim in the amount of EUR I ,244,294.48; see paragraph I .4 below).The trustees submitting a statement of defence on 21 July 2010. A personalappearance ofthe parties in court will take place on 2 December 2010;
- Bayerische Landesbank BLB (no. 4 on the list of provisionally disputed claims)(disputed claim in the amount of EUR 263,453.88). A statement of defence wassubmitted on behalfofthe trustees on 3 November 2010;
Raiffeisen Zentralbank Osterreich Aktiengesellschaft (as agent) (no. 14 on the listof provisionally disputed claims) (disputed claim in the amount ofEUR 226,542. 1 1). A statement of defence was submitted on behalf of the trusteeson 3 November 2010;
Raiffeisen Zentralbank Osterreich Aktiengesellschaft (no. I 5 on the list ofprovisionally disputed claims) (disputed claim in the amount of
EUR 3,492,612.08). The proceedings are at the stage at which the trustees will
submit their statement of defence;
- Stichting Private Pension Scheme (no. 25 on the list of provisionally disputed
claims) (disputed claim in the amount of EUR 3,992,842.30) (proceedings against
PT Bank Negara Indonesia (Persero) Tbk and PT Bank Rakyat Indonesia(Persero) Tbk; the trustees are not a party to these proceedings). A personalappearance of the parties in court was held in these proceedings on 1 1 November
2010. The case has now been referred forjudgment; and
Landsbanki Islands Hf (see paragraph (B) above) (disputed claim in the amount ofEUR 3,852,000). At the meeting ofcreditors that was held on 27 October 2010 thedispute was referred to the case-list hearing of 22 December 2010.
The trustees will attempt to reach a settlement with the parties in question while those claim
validation proceedings are pending, insofar as that would be in the interest of the bankrupt
estate.
(B) Proceedings against Bank Indonesia
In the claim validation proceedings between the trustees and Bank Indonesia (referred to
below as ‘BI’) the trustees submitted a statement of defence in the original proceedings and
a counterclaim on 28 April 2010. In the counterclaim proceedings, the trustees are claiming
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compensation from BI for the full deficit on liquidation and for all the other losses thatIndover and the joint creditors of Indover have sustained as a result of the bankruptcy. Inthat respect the trustees are also claiming compensation for the loss of interest that thecreditors sustained in the period as of I December 2008.
On 25 August 2010 B! submitted another statement in these proceedings: a reply in theoriginal proceedings, also a motion for the court to decline jurisdiction in the counterclaimproceedings. In that document, 81 took the position that the Dutch court does not havejurisdiction to rule in respect of the counterclaim that the trustees have brought against 81.The trustees are ofthe opinion that BI’s position is unfounded and that the Dutch court doeshave jurisdiction to rule in respect of their counterclaim against B!. The trustees have nowexplained their position in the statement of defence that was submitted in respect of themotion contesting jurisdiction on 27 October 20 1 0. The case has now been referred forjudgment in respect ofthe motion contesting jurisdiction.
(E) Individual proceedings brought by Credit Bank Europe N.V.
As was noted in the previous public reports, one of Indover’s creditors, Credit EuropeBank N.y. (referred to below as ‘CEB’), has commenced separate proceedings against B!.However, the loss for which CEB is claiming compensation in those proceedings forms partof the losses for which the trustees are claiming compensation by means of the claim thatthey have brought against BI on behalf of indover and Indover’s joint creditors. In view ofthis concurrence ofthe trustee’s claims and CEB’s claim, the trustees are ofthe opinion thatit is in the interest of the bankrupt estate and in the interest of the Indover’s joint creditorsnot to continue the proceedings between CEB and B! until the proceedings between thetrustees and B! have been concluded.
Because CEB was unwilling to wait with its own proceedings against B! until the trustees’proceedings against 81 had been concluded, on 20 January 2010 the trustees submitted amotion to intervene in the proceedings between CEB and B!. In that context the trusteesfirst requested to be permitted to intervene in the proceedings between CEB and 81. Inaddition, the trustees requested — briefly stated — that the proceedings between CEB and 81be suspended or stayed until the proceedings between the trustees and B! have beenconcluded. BI and CEB both put forward a defence against those claims brought by thetrustees, after which the parties further explained their positions in oral pleadings on30 August 2010.
On 6 October 2010 the District Court of Amsterdam rejected the trustees’ request to bepermitted to intervene in the proceedings between CEB and BI and to suspend or stay thoseproceedings. The Court ruled that the interests of Indover’s liquidation assets and ofIndover’s joint creditors in having the CEB/BI proceedings suspended or stayed did notoutweigh the interests of CEB and B! in having their proceedings continue unimpeded.
The trustees have lodged an appeal against that judgment of the District Court ofAmsterdam dated 6 October 2010. That appeal was lodged after the trustees had receivedpermission to do so from the bankruptcy court judge and after receiving advice from thecreditors’ committee.
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(F) Closure ofthe Indover ‘rump’ bank
Shortly after Indover was declared bankrupt, the trustees formed a ‘rump’ bank fromIndover’s original organisation. That ‘rump’ bank is engaged in managing and liquidatingIndover’s assets, under the direction and supervision ofthe trustees. The activities that havebeen conducted in that context include the sale of virtually the entire securities portfolio ofIndover (in December 2009), the sale of a significant part of Indover’s loan portfolio (inMay 2010), and the management and liquidation of a considerable number of non-performing loans.
The majority of the assets that formed part of the liquidation assets at the time ofcommencement of Indover’s bankruptcy have now been realised. It will not be necessary tomaintain the ‘rump’ bank in 201 1 for the management and liquidation of the remainingassets. Partly in view of that reason, the trustees have decided to terminate the activities ofIndover’s ‘rump’ bank as at the end of December 2010, in accordance with their intentionas referred to earlier. As of January 201 1, Indover’s financial accounts will be maintainedby an external accountant on the instructions of the trustees. The management andliquidation ofthe remaining loans will be taken over by employees from the trustees’ teamas ofthe end of December 2010.
In the context of the closure of the ‘rump’ bank, the employment contracts of the nineemployees of the ‘rump’ bank were recently terminated (see paragraph 2.1 below). Inaddition, in the coming months various insurance policies and operational contracts will beterminated. Notice oftermination has been given in respect ofthe lease governing the officespace in the building located at Stadhouderskade 84 in Amsterdam, and that lease will beterminated effective from 1 March 201 1 (see paragraph 1 .6 below). The months of Januaryand February 20 1 1 will be used, amongst others, to phase out the IT systems and to sell theremaining office furniture and equipment.
(G) Jakarta Representative Office (JRO)
The Jakarta Representative Office (referred to below as ‘JRO’) discontinued its activities asof 1 September 2009. See also paragraph (D) of the fourth public liquidation report. Theformal settlement of the closure of JRO had not yet been concluded at the end of thereporting period. The formal settlement of the closure of JRO and the dialogue withIndonesian supervisory officials are being managed by a local lawyer.
(H) Indover Asia Limited (IAL)
Indover Asia Limited (referred to below as ‘IAL’), a Hong Kong company, is currently thesole subsidiary of Indover. Indover holds all the shares in IAL. The assets of that holdinghave been almost completed realised. The management of IAL is attempting to collect thefew outstanding loans early, in collaboration with the trustees. The other assets consist ofnon-performing loans (NPLs). Proceedings are already pending in respect of a few of thoseNPLs, in order to seize and execute the collateral security.
On 30 September 20 1 0 the employment contracts of all IAL employees were terminated inaccordance with local law. The employees will continue to work at IAL until 3 1 December201 0. It is expected that at some point in time a liquidator will be appointed in connectionwith the liquidation of IAL. The intended liquidator is currently involved in themanagement of IAL as an advisor.
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1. INITIAL OVERVIEW
I . 1 . Management and organisation
The day-to-day management of the ‘rump’ bank has been handled by Mr Soemiar sinceI March 2010. The work performed by the ‘rump’ bank will end as ofthe end of December2010.
The Board of Supervisory Directors of Indover was composed as follows during thereporting period:
- Subarjo Joyosumarto (Chairman);
- Goegoen Roekawan (Member); and
- P.C.M. van der Voort van Zyp (Member)
1.2. Profit and loss
The cumulative loss up to 3 1 December 2009 amounted to a total of approximately
EUR 225 million, including unrealised currency losses amounting to several million euros.That loss can be attributed to the loss that was sustained as a result of the seizure and
execution of collateral security provided by Indover, the premature termination of financial
derivatives, the writing off of accounts receivable and the loss realised on the investment
portfolio and foreign currencies.
The development of the financial position of the liquidation assets can be found in the
provisional financial report of3O June 2010 (Appendix A).
I .3. Balance sheet total
See the provisional financial report of 30 June 2010 (Appendix A). For the time being the
balance sheet total as indicated in the provisional financial report of3O June 2010 is the last
balance sheet total that the trustees will publish. The remaining assets currently consist
primarily of liquid assets, part of which the trustees must also reserve.
The remainder of the balance sheet total consists of several claims and the net asset value of
the IAL holding. The proceeds that can be realised from those assets will depend in part on
the outcome of the legal proceedings and the ultimate proceeds of the settlement of the IAL
holding. See the previous public reports for the balance sheet total as at the date of
bankruptcy.
1 .4. Current legal proceedings
In addition to the proceedings reported in paragraphs (C), (D) and (E) above, there are
several other proceedings in which Indover is involved as a party.
In May 201 0 the trustees commenced legal proceedings against GSG Metal Ltd. and two
directors of that company. In those proceedings the trustees are claiming payment of a total
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amount of USD 2,501,791.38, plus costs and statutory interest. The claim arose, amongstothers, from a loan that Indover had provided to GSG Metal Ltd. prior to its bankruptcy anda settlement agreement that the administrators (the current trustees) concluded with GSGMetal Ltd. in October 2008. Claim validation proceedings are also pending against GSGMetal Ltd., in which GSG Metal Ltd. is claiming validation of a claim in the amount ofEUR 1,244,294.48 (see paragraph (C) above). GSG Metal Ltd. has based its claim on theargument that the trustees allegedly closed four future positions without being authorised todo so, alleging that GSG Metal Ltd. sustained losses as a result. On 2 December 2010 anappearance of the parties in court will be held simultaneously in the proceedings that thetrustees have commenced and in the claim validation proceedings that have beencommenced against GSG Metal Limited.
At the time of commencement of Indover’s bankruptcy, proceedings were pending betweenIndover and AIG, an insurance company. In those proceedings, Indover is claimingpayment of EUR 4,545,000, plus the statutory interest due on that amount, on the basis ofunlawful withdrawals of funds (see paragraph 1 .4 of the second public report). The trusteeswill continue the proceedings against AIG.
The appeal in respect of the dispute between Indover (the trustees) and Parmalat S.p.a. inamministrazione staordinaria (referred to below as ‘Parmalat Spa.’) is pending before the
Court of Appeal in Bologna, Italy. See also paragraph 1 .4 of the third public liquidation
report.
Indover is involved in several proceedings in Indonesia with respect to non-performing
loans. In one ofthose cases, indover’s debtor has brought counterclaims totalling USD 42.5
million. Although there appears to be significant doubt about the motives for bringing those
counterclaims and the legal grounds that have been put forward to support them, the claims
are being taken into consideration in determining the distribution percentages.
1.5. Insurance
In the coming reporting period several insurance policies will be terminated (in whole or in
part) in connection with the termination ofthe activities ofthe ‘rump’ bank as at the end of
December 2010. See paragraph (F) above.
1.6. Lease
Indover leases office space in the building located at Stadhouderskade 84 in Amsterdam. At
the time of commencement of Indover’s bankruptcy Indover was leasing eight floors in that
building. The trustees limited the lease to two floors as of 1 February 2009 and as of I May
2010 the lease was further limited to one floor in that building. The lessor initially took the
position that no agreement had been reached with respect to the amendment to the lease as
at 1 May 2010. The trustees assume that the lessor has now abandoned that position.
As explained above, the activities oflndover’s ‘rump’ bank will be terminated as ofthe end
of December 2010. The trustees expect that it will take several weeks to phase out the IT
systems and to sell the remaining office furniture and equipment. Therefore, the lease with
respect to Stadhouderskade 84 in Amsterdam has been terminated effective from 1 March
2010.
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I .7. Cause of bankruptcy
A draft of the investigation report has been drawn up further to the investigation that wasconducted into what caused Indover to go bankrupt. That draft report will be amended inthe coming reporting period on the basis of the information that the trustees expect toreceive from, amongst others, the interviews to be held and the filing documentation. It isexpected that the investigation into the cause of Indover’s bankruptcy will be completed inthe coming reporting period.
2. EMPLOYEES
2. 1 . Date of notice of dismissal
Indover’s ‘rump’ bank still had nine employees at the end of the reporting period. Five ofthose employees will remain in Indover’s employ until 31 December 2010. Two of theemployees will continue their work until February 2011, and the two other employees willend their work on or before 1 March 201 1.
On I October 2010, the bankruptcy court judge authorised the trustees to terminate theemployment contracts of the above-mentioned nine employees. The trustees subsequentlyterminated the employment contracts with the nine employees on 5 October 2010, effectivefrom the aforesaid dates.
In addition to the nine employees who are still employed by Indover’s ‘rump’ bank, Indoverhas one employee who is performing administrative work at the trustee’s office address inconnection with the settlement of the liquidation assets. That employee will remainemployed by Indover after the ‘rump’ bank has been closed so that she can continue herwork in connection with the bankrupt estate.
Work
See section 2. 1 above.
3. ASSETS
Real estate
3.1. Description
At the time the bankruptcy commenced, Indover was the owner oftwo residences. As notedin the previous public reports, one of those residences was sold on 1 6 October 2009 forEUR 71 5,000. The other residence was sold on 20 September 2010 and the title to thatresidence has now been transferred. The household effects that were still in the latterresidence were sold via a public Internet auction.
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3.2. Proceeds of sale
The second residence that Indover owned was sold on 20 September 2010 forEUR 1,750,000.
The proceeds ofthe public Internet auction ofthe household effects ofthe second residence,as referred to in paragraph 3.1 above, amounted to EUR 17,234.70 net (exclusive of VAT).
3.3. Value of mortgage
Not applicable.
3.4. Administration fee
Not applicable.
Work
See paragraph 3. 1 above.
Operating assets
3.5. Description
As explained above, the activities of Indover’s ‘rump’ bank will be terminated as ofthe end
of2OlO. The machinery and equipment that is still available will be sold at the beginning of
201 1 by means ofa public Internet auction.
3.6. Proceeds of sale
See the previous public reports.
Paragraphs 3 .7 and 3 . 8: not appi icable.
Stock/work in progress
Paragraphs 3 .9 to 3 . I 1 : see the previous public reports.
Other assets
3.12. Description
Indover’s assets consisted primarily of securities and loans to banks and companies. As
noted in the previous public reports, on 10 December 2009 virtually all of Indover’s
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securities had been sold. On 18 May 2010, a significant part ofthe loans to banks was soldfor a total ofUSD 22.5 million.
The assets that must still be realised consist ofa number ofclaims and the IAL holding. Thetrustees are attempting to collect the outstanding loans early. The other assets consist ofnon-performing loans (NPLs), which have been written off in their entirety, in respect ofwhich several proceedings are pending in order to seize and execute the collateral security.For the other cases the chances of succeeding in recovering collateral security is beinginvestigated in anticipation of possible legal proceedings. The book value of those claims isapproximately EUR 6 million. The ultimate proceeds will not be apparent until after thesettlement ofthose claims. The IAL holding is being settled (see paragraph (H) above). Theultimate proceeds from that holding that can be realised for the benefit of Indover’sliquidation assets will depend in part on the collection of claims and the scope of thesettlement costs. It is not yet possible to reliably estimate the how much the proceeds willultimately be.
In addition, the trustees are investigating two cases in connection with the correct value ofthe collateral security that has been seized and executed by the creditors of Indover bankafter the emergency regulations were declared to be applicable. Those cases involve severalmillion euros, which improperly may not have been remitted to the bankrupt estate.
3.13. Proceeds of sale
During the reporting period, payments were received in connection with the redemption ofloans. Those receipts have resulted, after expenditures, in a liquid assets position (nostroaccounts) in the amount ofEUR 136,900,000 as at the 30 September 2010. In principle, theliquid assets will be placed on deposit for short terms at a number ofDutch banks.
Work
In the context ofthe management ofthe credit portfolio, in February 2010 a visit was paidto the most important debtors of Indover and IAL in Indonesia, Hong Kong and Singapore.Several significant Indonesian debtors have now redeemed their debts to Indover early. Theother debtors report to the trustees periodically regarding the prospects of refinancing theirdebt to Indover.
4. DEBTORS
4. 1 . Value of the accounts receivable
For a banking institution such as Indover the claims against third parties constitute asignificant part of the assets. The trustees refer to their comments regarding those assets inparagraphs 3.12 and 3.13 above.
4.2. Proceeds
See paragraph 3.13 above.
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4.3. Percentage ofsales proceedings paid to the trustees in connection with private sales
Not applicable.
Work
See paragraph 3.13 above (under ‘work, sale of assets’). See also the previous publicreports.
5. BANK I COLLATERAL
Paragraphs 5.1 to 5.8: see the previous public reports. There are no special circumstances toreport with respect to these matters.
6. RESTART I CONTINUATION
Restart, continuation
Paragraphs 6. 1 and 6.6: see the previous public reports.
Work
The work performed by Indover’s ‘rump’ bank will be terminated as of 3 1 December 2010(see paragraph (F) above).
7. LEGAL COMPLIANCE
Paragraphs 7. 1 to 7.6: see paragraph 1 .7 of this report and the previous public reports.
8. CREDITORS
Paragraphs 8.1 to 8.7: see the official report ofthe meeting ofcreditors of5 November 2009and the plan of distribution in respect of the first and second interim distribution. See alsothe official report of the meeting of creditors of 27 October 20 1 0. See paragraph (B) abovewith respect to the opposition put forward by Landsbanki Islands Hf and with respect to theconsequences of that opposition in respect of the second interim distribution.
See also the previous public reports with respect to the creditors.
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9. MISCELLANEOUS
9. 1 . Liquidation period
The trustees expect that the bankruptcy proceedings will not be concluded within the nextfew years. In particular, the various court proceedings that will have to be conducted in thecontext of settling the liquidation assets will require a considerable amount of time. Thetrustees also expect that it will take several years to completely settle the remaining loansfrom Indover’s credit portfolio or to seize and execute the collateral security.
9.2. Plan of action
The activities of Indover’s ‘rump’ bank will end as at 3 1 December 201 0 (see paragraph (F)above). The management and settlement of the remaining loans from Indover’s loanportfolio will be handled by members ofthe trustees’ team. Insofar as this involves loans todebtors that are located abroad, that settlement will generally take place in consultation witha lawyer from the foreignjurisdiction in question.
The activities that must still take place in the context of the further settlement of thebankruptcy consist of matters such as settling and liquidating Indover’s subsidiary, IAL,settling the remaining loans, conducting the legal proceedings and investigating the seizureand execution ofthe collateral security insofar as possible in respect of loans that have beenwritten off.
9.3. Submission of next report
The trustees will endeavour to issue the next public liquidation report in three months’ time.The following public report can be expected in February or March 201 1 . Creditors canreview the public liquidation reports and any supplemental information that is available atthe following website: www.stibbe.com/indover.
Status of the report
This public report is based on the information that has come to the trustees’ attention duringthe reporting period. Further information may result in new findings. Consequently, thecontent of this report or the financial information added to this report may be modified atany time. Therefore, no rights may be derived from this report or the appendices to thisreport.
Amsterdam, 23 November 2010
H.P. de Haan A. van Hees(Trustee) (Trustee)
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Appendix A
Last seDerate nublicatlon ofruvIsIonaI financial data IndoverSince most of’ the assets of Indover have now been realized, the trustees will no longer publish separatestatements on the provisional financial data of Indover. Further information regarding the provisionalfinancial data of Indover will be included in the public liquidation reports, which are made availableon the website www.stibbe.com/indover.
Statement provisional financial data of Indover Bank in liquidationas at 30 June 2010 x EUR 1,000
30 June 2010 31 March 2010
Assets
Nostro accounts 132,242 96,025Loans and advances to banks and customers 1 9,763 48,737Bonds and other securities 0 0Net asset value Indover Asia Limited (IAL) 1 8,000 19,786Other assets, interest to be received 0 966
Liabilities
Acknowledged claims, after first distribution 175,165 177,072Conditionally acknowledged cLaims 4,572 4,572Disputed claims 52,593 54,352
Foreign currency position, included in assets (nominal value)JPY 0 18,452USD(*) 45,681 103,906
(9 The fair value of the assets denominated in USD can be significantly lower than the nominal value.
Notes
Nostro accounts are denominated in EURO. On 24 August 2010 the delegated judge ordered,at the request ofthe trustees, a second interim distribution of 17%. More information on thisinterim distribution is available on the website www.stibbe.com/indover.
Loans to banks and customers are partly denominated in USD. Net asset value 1AL is basedon the audited 2009 annual accounts of IAL, and is denominated in USD.
Loans and advances to bank and customers are stated at cost less a provision for impairment.
Amsterdam, 25 August 2010
This provisional summary ofindover’s financials as at 30 June 2010 is derived directly from Indover’s accounting system. Indoversaccounting system has not been audited. The trustees in bankruptcy are not accountable or responsible for the correctness of the content ofthis report or for errors and omissions in this report.
1
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