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MF Global UK Services Limited (in administration) Joint Administrators’ progress report for the period 28 August 2017 to 27 February 2018

22 March 2018

Notice: About this report This Report has been prepared by Blair Carnegie Nimmo, Edward George Boyle and Michael Robert Pink, the Joint Administrators of MF Global U K Services Limited, solely to comply with their statutory duty under the Insolvency Rules (England and Wales) 2016 to provide creditors with an update on the progress of the administration, and for no other purpose. It is not suitable to be relied upon by any other person, or for any other purpose, or in any other context.

This Report has not been prepared in contemplation of being used, and is not suitable to be used, to inform any investment decision in relation to the debt of or any financial interest in MF Global UK Services Limited or other companies in the same group.

Any estimated outcomes for creditors included in this Report are illustrative only and cannot be relied upon as guidance as to the actual out comes for creditors. Any person that chooses to reply on this Report for any other purpose or in any context other than under the Insolvency Rules (England and Wales) 2016 does so at its own risk. To the fullest extent permitted by law, the Joint Administrators do not assume any responsibility and will not accept any liability in respect of this Report to any such person.

Blair Carnegie Nimmo is authorised to act as an insolvency practitioner by the Institute of Chartered Accountants of Scotland. Edward George Boyle and Michael Robert Pink are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales. The Joint Administrators act as agents for MF Global UK Services Limited and contract without personal liability. The appointments of the Joint Administrators are personal to them and, to the fullest extent permitted by law, KPMG LLP does not assume any responsibility and will not accept any liability to any person in respect of this Report or the conduct of the administration.

We are bound by the Insolvency Code of Ethics.

© 2018 KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

Document Classification: KPMG Public

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Glossary of terms Administrators Blair Carnegie Nimmo, Edward George Boyle and Michael Robert Pink of KPMG LLP

Company/MFG Services MF Global UK Services Limited

CVA Company voluntary arrangement

Directors Aislinn Marion Shaw (resigned 9 February 2012), Richard Warren Moore (resigned 31 January 2012) and Simon William Gardiner (resigned 31 January 2012)

Group MF Global Holdings Limited and subsidiaries

HMRC HM Revenue and Customs

MFGUK MF Global UK Limited (in special administration) – under a company voluntary arrangement

PPF The Pension Protection Fund

Proposals The Administrators’ Statement of Proposals under Paragraph 49 of Schedule B1 of the Insolvency Act 1986

Report Thirteenth progress report prepared by the Administrators pursuant to Rule 18.2 of the Rules for the period 28 August 2017 to 27 February 2018

RPO Redundancy Payments Office

Weil Weil, Gotshal & Manges

The references in this Report to Sections, Paragraphs or Rules are to the Insolvency Act 1986, Schedule B1 of the Insolvency Act 1986 and the Insolvency Rules (England and Wales) 2016 respectively.



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Contents Page

Executive summary 5

Administrators’ Proposals a nd purpose o f the administration 7

Progress of administration 9

Estimated outcome for creditors 13

Future strategy of administration 15

Appendices

1. Statutory information 17

2. Administrators’ time and cost analysis, including schedule of charge 19 out rates

3. Receipts and payments account 23

4. Schedule of expenses 26



4

Executive

summary

Executive summary ■ This Report provides creditors with an update of the progress of the Company’s administration for the period from 28 August 2017 to 27 February 2018.

■ Please note that on 20 November 2017 an order was made in the High Court appointing Edward George Boyle as Joint Administrator of the Company in place of Richard Heis, following Richard Heis’ retirement from KPMG LLP.

In accordance with the order, creditors were given notice of the replacement of Richard Heis as Joint Administrator by advertisement in the London Gazette.

■ Progress of this administration, and the timing and quantum of any future dividends, is dependent on the timing of a future dividend from MFGUK. As explained on page 9, MFGUK entered into a company voluntary arrangement (CVA) in December 2017.

■ All figures in this Report and its appendices are shown net of VAT, unless otherwise stated.

■ The relevant statutory and supporting information is set out in the Appendices of this Report.

Blair Nimmo

Joint Administrator



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Administrators' Proposals and purpose of the administration

Administrators' Proposals and purpose of the administration

The Administrators’ Proposals were approved without modification at the meeting of creditors held on 5 January 2012.

As reported in the Proposals, the Company was placed into administration so that its assets could be realised as advantageously as possible by providing ongoing employee services to MFGUK and seeking to realise value for the inter-company debt, with a view to achieving a better result for the Company’s creditors as a whole than would be likely if the Company were wound up (without first being in administration).

As previously reported, the administration period was initially extended by 6 months by creditor consent and subsequently by Court orders dated 22 November 2012 and 1 April 2015. Following a further application to Court in April 2016, the Company’s administration period has been extended to 30 April 2019.



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Progress of the

administration

Progress of the administration This section updates you on our strategy for the administration and on our progress to date. It follows the information provided in previous reports.

Background

We worked with MFGUK in relation to its staffing needs until 31 January 2015 when the remaining two employees transferred to a contracting company.

A Management Agreement in place between MFG Services and MFGUK terminated on 30 October 2014. The Company received contributions of £1 million from MFGUK during the period of the Management Agreement. Following its termination the Company is responsible for meeting all of its costs.

Inter-company claim

In November 2017 we received notice from the Special Administrators of MFGUK of a proposed CVA. We reviewed the CVA proposal document and understand the intention of the CVA is to expedite the return of funds to MFGUK’s unsecured creditors. The ongoing matters in the special administration of MFGUK are such that without a CVA, the earliest date for any material returns to creditors would be late 2019, with an expectation that it would take some 7 or 8 years to finalise the winding up of the estate. In view of the high degree of uncertainty as to quantum and timing of further distributions to creditors, the CVA offered a range of options for creditors to choose from, depending on each creditor’s cash needs, risk appetite and investment profile.

The CVA was approved by MFGUK’s creditors on 12 December 2017, with the vast majority of creditors electing to take the option to receive the 9.75p final pay ment following implementation of the CVA. The Administrators submitted a proxy prior to the meeting and elected to be an Exiting Creditor. This option provided the only certain total r eturn (of 99.75p in the £). Once we have received this dividend the Company’s claim will be transferred to the MFGUK CVA Trust and the Company will receive no further monies from MFGUK. The alternative options, of being either a Stay-In or Participating Creditor, were not appropriate in the circumstances of this administration, as any possible up-side benefits would be both uncertain and after a considerable time in the future, whilst the costs of maintaining the estate in administration to realise them would be certain and more immediate.

Following the CVA proposal and as requested by the Special Administrators/Joint Supervisors of MFGUK we submitted our final claim of £11.58 million to MFGUK by the Final Claims Date of 15 January 2018. We have responded to some initial enquiries for further information and wait to hear further.

We understand the final agreed payment to exiting creditors of 9.75p will be paid shortly after the implementation of the CVA. However, the implementation of the CVA has been delayed due to the submission of new claims against MFGUK, which may be material. Those claims were subsequently rejected by MFGUK’s Special Administrators, with a further update regarding the implementation of the CVA expected shortly.

More information in relation to the CVA, including the CVA proposal document and updates from MFGUK can be found on the MFGUK website: www.kpmg.co.uk/mfglobaluk.



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http://www.kpmg.co.uk/mfglobaluk

Progress of the administration (cont.)

Tax compliance

We continue to liaise with and provide returns/make payments to HMRC. There are no outstanding issues.

Other pension schemes

Individual policies have now been assigned to the members of the GNI Group Money Purchase Pension Plan. We continue to monitor whether a refund is payable to the Company on completion of the winding-process, however, we understand this is unlikely.

Receipts, payments and expenses for the period

Receipts and payments made in this period are set out in the attached receipts and payments account (see Appendix 3).

The only receipt in the period relates to bank interest and an explanation of significant costs is provided below.

The schedule of expenses attached as Appendix 4 details the costs incurred, whether paid or unpaid, relating specifically to this reporting period.

If you would like to request more information about our remuneration and expenses disclosed in this progress report, you must do so in writing within 21 days of receiving this progress report. Requests from unsecured creditors must be made with the concurrence of at least 5% in value of unsecured creditors (including the unsecured creditor making the request) or with permission of the Court.

If you wish to challenge the basis of our remuneration, the remuneration charged, or the expenses incurred during the period covered by this progress report, you must do so by making an application to Court within eight weeks of receiving this progress report. Applications by unsecured creditors must be made with concurrence of at least 10% in value of unsecured creditors (including the unsecured creditor making the challenge) or with the permission of the Court.

The full text of the relevant rules can be provided on request by writing to the Joint Administrators of MF Global UK Services at KPMG LLP, 15 Canada Square, London, E14 5GL.

Legal fees

In the reporting period we engaged Weil to assist us with employee matters arising in this administration for which we incurred, and paid, legal costs of £1,774.80.



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http:1,774.80

Progress of the administration (cont.) Administrators’ remuneration

A copy of “A Creditors’ Guide to Administrators’ Fees” from Statement of Insolvency Practice 9 (‘SIP9’) produced by the Association of Business Recovery Professionals is available at: https://www.r3.org.uk/what-we-do/publications/professional/fees/administrators-fees. If you are unable to access this guide and would like a copy please contact Laura Grierson on 0207 694 1532.

Attached as Appendix 2 is a detailed analysis of time spent, and charge out rates, for each grade of staff for the various areas of work carried out from 28 August 2017 to 27 February 2018, as required by the Association of Business Recovery Professionals’ Statement of Insolvency Practice No. 9.

In the period from 28 August 2017 to 27 February 2018, the Administrators and their staff have incurred time costs of £29,340.50 representing 64 hours at an average hourly rate of £463.

Category 1 disbursements of £304 have been incurred on courier, printing and postage costs in the reporting period. None of these have yet been paid.

The basis of the Administrators’ remuneration was approved by a resolution of creditors at the initial meeting of creditors and fixed by reference to time properly given by the Administrators and their staff in attending to matters arising in the administration.

Additionally a resolution was sought allowing the Administrators to draw category 2 disbursements should they arise. These are costs that are directly referable to the appointment in question but not to a payment to an independent third party. They may include shared or allocated costs that can be allocated to the appointment on a proper and reasonable basis, for example, business mileage. A full explanation of these disbursements is set out in the Creditors’ Guide to Administrators’ Fees referred to above.

We have not drawn any remuneration in the period against the above mentioned time costs.

As disclosed on the attached receipts and payments account we have paid £36,924 to certain former employees where it appears we may have inadvertently deducted the incorrect amount of tax and NI. We have not heard from HMRC regarding recovery of the surplus deductions from them. We confirm that we will not charge the estate for the costs of this exercise and, if we are unable to recover these funds from HMRC we will off-set the payments made from our future fees to ensure the estate is not impacted adversely.



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https://www.r3.org.uk/what-we-do/publications/professional/fees/administrators-feeshttp:29,340.50

Estimated outcome for creditors

Estimated outcome for creditors Preferential creditors

Preferential creditors have been paid in full.

Unsecured creditors

On 13 April 2017 we declared and paid a first interim dividend of 80p in the £ to all unsecured creditors with an agreed claim.

We have agreed a further unsecured creditor claim in the period and in line with all other unsecured creditors, we made a distribution of 80p in the £ on this claim.

As the CVA of MFGUK has not yet been implemented, we consider it prudent to continue to estimate that the overall return to unsecured creditors will be in the range of 80 – 90p in the £. Similarly, as the CVA of MFGUK has not yet been implemented, we cannot confirm when we will receive the dividend due to Services and accordingly at present we cannot confirm the timing of a further dividend to Services unsecured creditors.



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Future strategy of

the administration

Future strategy and extension of the administration

Future strategy

The Administrators will continue to manage the affairs, business and property of the Company in order to achieve the purpose of the administration. This will include progression of the ongoing matters in this administration, which as explained in this Report will take time to conclude. These include but are not limited to:

Liaising with MFGUK, if appropriate, in relation to the final claim we submitted regarding the Company’s inter-company position and receiving a final dividend from MFGUK;

awaiting the winding-up of the GNI pension scheme to ascertain whether a refund is available to the Company;

adjudicating the claims of the unsecured creditors and making a further distribution if and when funds are available;

finalising the administration, including payment of all administration liabilities; and

dealing with statutory and compliance obligations.

Exit from administration

Once all matters in the administration have been concluded, the Administrators will take the necessary steps to deal with the Company appropriately. This is likely to be via dissolution of the Company, unless liquidation is considered appropriate.

Future reporting

We will provide a further progress report within one month of 27 August 2018.



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Appendix 1 Statutory information



Appendix 1

Statutory information Company Name 5 Canada Square, Canary Wharf, London, E14 5GLMF Global UK Services Limited

Company number 06233208

Date of incorporation 1 May 2007

Registered office 15 Canada Square, Canary Wharf, London, E14 5GL

Previous address 5 Churchill Place, Canary Wharf, E14 5HU

Court High Court of Justice

Court reference 9526 of 2011

EC regulation on insolvency proceedings

The EC regulation applies and these proceedings are the main proceedings as defined in Article 3 of the EC Regulations

Administrators Blair Carnegie Nimmo, Edward George Boyle and Michael Robert Pink

Former Administrator Richard Dixon Fleming, Richard Heis

Date of appointment 31 October 2011

Appointer Directors

Para 100(2) statement In accordance with paragraph 100(2) all functions or acts to be carried out by the Administrators are to be exercised by all or any one or more of the persons for the time being holding that office

Directors Aislinn Marion Shaw (resigned 9 February 2012), Richard Warren Moore (resigned 31 January 2012) and Simon William Gardiner (resigned 31 January 2012)

Secretary Vicki Kong (resigned 31 January 2012)

Details of share holdings The Company is a wholly owned subsidiary of MF Global Holdings Europe Limited, and is an indirectly, wholly owned subsidiary of MF Global Holdings Limited

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Appendix 2

Administrators’ time and cost analysis, including schedule ofcharge out rates

Appendix 2

Administrators’ time and cost analysis (from 28 August 2017 to 27 February 2018)

Carry forward time (appointment date to reporting period end date) 6,587.32 2,964,883.05

MF Global UK Services Limited

Partner / Director Manager Administrator Support Total hours

Time cost Average hourly rate

Administration & planning Cashiering General (Cashiering) Reconciliations (& IPS accounting reviews) Statutory and compliance Appointment and related formalities Bonding & Cover Schedule Checklist & reviews Statutory receipts and payments accounts Strategy documents Tax Post appointment corporation tax Post appointment VAT Creditors Creditors and claims Agreement of unsecured claims Statutory reports Employees Agreeing employee claims Correspondence Realisation of assets Asset Realisation Debtors

4.90 0.10

1.30

0.40

0.60 1.75

0.30 9.40 7.10

2.90 0.80

8.70

5.30 1.70

0.50 0.25 0.40 0.30 0.25 0.10 0.50

0.40

1.70 6.10

3.20 4.40

10.20 1.80

0.75 0.40 1.85 0.10 0.90

1.00 1.75

2.00 22.60

6.10 5.20

8.70

£3,596.00 £535.00

£191.25 £96.00

£818.25 £24.00

£340.00

£458.00 £880.00

£661.00 £12,753.00

£2,363.00 £1,840.00

£4,785.00

£352.55 £297.22

£255.00 £240.00 £442.30 £240.00 £377.78

£458.00 £502.86

£330.50 £564.29

£387.38 £353.85

£550.00 Total in period 9.40 28.85 24.60 0.50 63.35 £29,340.50 £463.15

Brought forward time (appointment date to reporting period start date) 6,523.97 2,935,542.55 Time in reporting period time 63.35 29,340.50

Note: All staff who have worked on this assignment, including cashiers and secretarial staff, have charged time directly to the assignment and are included in the analysis of time spent. The cost of staff employed in central administration function is not charged directly to

the assignment but is reflected in the level of charge out rates. Time is charged using a minimum time unit of six minutes. Source: Administrators’ records.



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Appendix 2

Administrators’ time and cost analysis (from 28 August 2017 to 27 February 2018) Narrative of work carried out for the period 28 August 2017 to 27 February 2018

The key areas of work have been:

Statutory and compliance ■ preparing statutory receipts and payments accounts; ■ Arranging bonding and complying with statutory requirements; ■ ensuring compliance with all statutory obligations within the relevant timescales.

Strategy documents, checklist and reviews■ monitoring and reviewing the administration strategy; ■ dealing with queries arising during the appointment; ■ liaising with legal adv isors regarding instructions on employee queries arising.

Cashiering■ preparing and processing vouchers for the payment of post-appointment invoices; ■ reconciling post-appointment bank accounts to internal systems; ■ ensuring compliance with appropriate risk management procedures in respect of receipts and payments.

Tax ■ submitting tax returns relating to the periods affected by the administration; ■ analysing VAT related transactions; ■ dealing with post appointment tax compliance.

General ■ reviewing time costs data and producing analysis of time incurred which is compliant with Statement of Insolvency Practice 9.

Asset realisations ■ Submitting a final claim to MFGUK in relation to the inter-company claim, reviewing the CVA proposal and submitting a proxy and monitoring the position regarding

receiving a dividend in relation to this claim.

Creditors and claims ■ responding to enquiries and correspondence from former employees and creditors regarding the administration and submission of their claims; ■ agreeing unsecured creditors claims and arranging a distribution to the unsecured creditors; ■ drafting our progress report.



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Appendix 2

Administrators’ time and cost analysis (from 28 August 2017 to 27 February 2018)

Summary of disbursements paid from 28 August 2017 to 27 February 2018 £ 28 August 2017

to 27 February 2018

Courier & delivery costs 12.14 External printing 13.06 Postage 278.52 Total disbursements 303.72 Source: Administrators’ records.

Summary of charge out rates in operation during the course of the administration

£ 28 August 2017 to 27 February 2018

Restructuring, Tax, Pensions and Forensics Partner 765 Associate partner/Director 670 Senior Manager 550 Manager 440 Senior Administrator/Assistant Manager/Consultant 320 Administrator 240 Support staff 125 Source: KPMG LLP records.

Joint Administrators’ charging policy

The time charged to the administration is by reference to the time properly given by us and our staff in attending to matters arising in the administration. This includes work undertaken in respect of tax, VAT, employee, pensions and health and safety advice from KPMG in-house specialists.

Our policy is to delegate tasks in the administration to appropriate members of staff considering their level of experience and requisite specialist knowledge, supervised accordingly, so as to maximise the cost effectiveness of the work performed. Matters of particular complexity or significance requiring more exceptional responsibility are dealt with by senior staff or us.

A copy of “A Creditors’ Guide to Joint Administrators Fees” from Statement of Insolvency Practice 9 (‘SIP9) produced by the Association of Business Recovery Professionals is available at: https://www.r3.org.uk/what-we-do/publications/fees/administrators-fees. If you are unable to access this guide and would like a copy, please contact Laura Grierson on 0207 694 1532.

The relevant hourly charge-out rates are set out above for the grades of our staff actually or likely to be involved on this administration. Time is charged by reference to actual work carried out on the administration; using a minimum time unit of six minutes.

All staff who worked on the administration, including cashiers and secretarial staff, have charged time directly to the administration and are included in the analysis of time spent. The cost of staff employed in central adm inistration functions is not charged directly to the administration but is reflected in the general level of charge-out rates.



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Appendix 3 Receipts and payments account

Appendix 3

Administrators’ abstract of receipt and payments Administrators’ abstract of receipts & payments

£ Statement of Affairs

Estimated to realise From 28/08/2017 To 27/02/2018

From 31/10/2011 To 27/02/2018

Asset realisations Inter-company receivables – MFGUK

Legal contribution from MF Global UK Ltd Cash at bank

Management fees Staff loans and advances

Corporation tax

(a) Uncertain

Uncertain

Uncertain

631,862.85 652,091.92

1,000,000.00

Other realisations Gross interest Sundry Refunds

Dividend income

3,412.80

2,283,954.77

23,490.27 9,421.08

10,370,474.28

Cost of realisations Admin. receivers ' fees Creditor distribution in lieu of fees Irrecoverable VAT

Legal fees Legal disbursements

Professional fees Irrecoverable VAT

Statutory advertising Bank charges

3,412.80

(1,774.80)

10,403,385.63

(157,910.05) (36,923.96) (11,197.38)

(924,604.60) (155,883.23)

(113.60) (50,290.18) (1,059.90)

(495.00)

Preferential creditors Employees' wage arrears/holiday pay

(1,774.80) (1,338,477.90)

(170,875.92) (170,875.92)

Unsecured creditors Trade and expense Employees (34,663.08)

(5,143,174.74) (3,985,635.32)

(34,663.08) (9,128,809.06) (33,025,08) 2,049,177.52

Note:

The Administrators have received remuneration of £2,395,959 from MFGUK for this engagement. This remuneration was paid by MFGUK in accordance with the Management Agreement in place between MFGUK and MFG Services until 31 October 2014. This remuneration is therefore not reflected in the Company’s receipts and payments account.

Note: (a) There are no estimated to realise figures as the directors had detailed all assets as ‘uncertain’ per their Statement of Affairs.

Source: Administrators’ records.



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Appendix 3

Administrators’ abstract of receipt and payments Administrators’ abstract of receipts & payments (continued)

Statement of Affairs From 28/08/2017 From 31/10/2011£ Estimated to realise To 27/02/2018 To 27/02/2018

Represented by Floating ch. VAT receivable 186,363.77 Floating charge current 2,048,822.56 Floating ch. VAT payable (78.39) Floating ch. VAT control (185,930.42)

(2,049,177.52)

Note: (a) There are no estimated to realise figures as the directors had detailed all assets as ‘uncertain’ per their Statement of Affairs.

Source: Administrators’ records.



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Appendix 4 Schedule of expenses

Appendix 4

Schedule of expenses Schedule of expenses – 28 August 2017 to 27 February 2018

£ Paid Accrued Total for period

Cost of realisations Legal fees and expenses 1,774.80 0.00 1,774.80

Administrators’ remuneration 0.00 29,340.50 29,340.50 Total 1,774.80 29,340.50 31,115.30 Source: Administrators’ records.

Notes

The figures in the “paid” column above relate to costs incurred and paid in the period. Accordingly these figures do not include payments made in the period that relate to accruals notified in previous reports.

Administrators’ remuneration

The Administrators’ remuneration was approved at a meeting of creditors held on 5 January 2012. Details of the Administrators' time costs incurred in this period are set out in the attached Report, supported by an analysis of time costs and expenses included at Appendix 2.

The accrual above shows time costs incurred from 28 August 2017 to 27 February 2018 that have not yet been paid.

As already stated, in accordance with the terms of the Management Agreement in place until 30 October 2014, the Administrators’ remuneration was being paid by MFGUK. All current and future costs will be borne by the estate.

KPMG Restructuring policy for the recovery of disbursements

Where funds permit the officeholder will look to recover both category 1 and category 2 disbursements from the estate. For the avoidance of doubt, such expenses are defined within SIP 9 as follows:

Category 1 disbursements: These are costs where there is specific expenditure directly referable both to the appointment in question and a payment to an independent third party. These may include, for example, advertising, room hire, storage, postage, telephone charges, travel expenses, and equivalent costs reimbursed to the officeholder or his or her staff.

Category 2 disbursements: These are costs that are directly referable to the appointment in question but not to a payment to an independent third party. They may include shared or allocated costs that can be allocated to the appointment on a proper and reasonable basis, for example, business mileage.

Any disbursements paid from the estate are disclosed within the attached summary of disbursements.

Category 2 d isbursements charged by K PMG Restructuring include mileage,

this is calculated as follows: Mileage claims fall into three categories: - Use of privately-owned vehicle or car cash alternative – 45p per mile

- Use of company car – 60p per mile - Use of partner’s car – 60p per mile

Creditors’ request for further information

Creditors are advised that any additional information regarding other expenses charged for the period is available from the Administrators upon request in writing by any Secured Creditor or any unsecured creditor(s) with at least 5% in value of the unsecured debt or with the permission of the Court. This request must be made within 21 days of receipt of the attached Report. In addition creditors are reminded that the quantum can be challenged by any Secured Creditor or any unsecured creditor(s) with at least 10% in value (including that creditor’s claim) of the unsecured debt by making an application to Court within eight weeks of receipt of the attached Report. The full text of these rules can be provided upon request by writing to the Joint Administrators at KPMG LLP, 15 Canada Square, London, E14 5GL.



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The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


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MF Global UK Services Limited (in administration)Slide Number 2Slide Number 3ContentsExecutive summaryExecutive summaryAdministrators' Proposals and purpose of the administrationAdministrators' Proposals and purpose of the administrationProgress of the administrationProgress of the administrationProgress of the administration (cont.)Progress of the administration (cont.)Estimated outcome for creditorsEstimated outcome for creditorsFuture strategy of the administrationFuture strategy and extension of the administrationAppendix 1��Statutory informationStatutory informationAppendix 2��Administrators’ time and cost analysis, including schedule of charge out rates�Administrators’ time and cost analysis (from 28 August 2017 to 27 February 2018)Administrators’ time and cost analysis (from 28 August 2017 to 27 February 2018)Slide Number 22Appendix 3��Receipts and payments account��Administrators’ abstract of receipt and paymentsAdministrators’ abstract of receipt and payments Appendix 4��Schedule of expensesSchedule of expensesSlide Number 28

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