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CreditorHelpline.co.uk providing information for NDFA and DRL
NDF Administration Limited and Defined Returns Limited - both in Administration
Andrew Hosking and Martin Ellis of Grant Thornton UK LLP were appointed joint administrators of NDF Administration Limited and Defined Returns Limited on Wednesday 14 October 2009.
A telephone helpline has been setup on 0844 770 2203.
Administrators' 24 month progress reports
| i) NDF Administration Limited - Administrators' 24 Month Progress Report |  |
| ii) Defined Returns Limited - Liquidators Annual Report | |
| iii) Defined Returns Limited - Notice of Creditors Meeting | |
Administrators' 18 month progress reports
| i) NDF 18 month progress report | |
Administrators' 12 month progress reports
| i) NDF 12 Month Progress Report | |
| ii) DRL 12 Month Progress Report | |
| iii) DRL Liquidation Appointment Letter | |
Administrators' 6 month progress reports
| i. NDF Administration Limited - six month progress report | |
| ii. Defined Returns Limited - six month progress report | |
Latest News:
i. HMRC ISA Update - 14 December 2011
As you will be aware from my previous progress reports in the insolvency procedures of
NDF Administration Limited (NDF) and Defined Returns Limited (DRL), I have been in
discussions with HMRC in relation to the lost ISA balances which many investors had
built up over a number of years.
I am pleased to report that HMRC have now provided an update in respect of Lehman backed
ISA products provided by NDF and DRL. HMRC intend to permit affected investors to make
a single payment to a stocks and shares ISA outside normal subscription limits, up to
the value of their ISA investment at the time Lehman Brothers collapsed. This will be
regardless of whether or not the investor has received any compensation or other capital
payment.
The intended changes set out above in relation to the failure of investments held in a
stocks and shares ISA may apply where compensation or similar amounts have been paid to
the investor.
The timeline for implementation is Spring 2012 and more information will be provided to
investors as we receive it.
ii. Extension of administration granted by the Court - 13 September 2011
I would like to inform creditors that on 7 September 2011 the Court ordered that the administration
of NDF Administration Limited be extended in accordance with paragraph 76(2)(a) of Schedule B1 to the Insolvency
Act 1986 for a period of 12 months. The revised date for the automatic termination of the administration
is now 12 October 2012.
A further update will be provided to creditors when the progress report is circulated.
This is due to be sent by 13 November 2011.
iii. Extension Application - 19 August 2011
I would like to inform creditors that it is my intention to extend the administration of NDF Administration Limited
for a further 12 months.
In order for me to continue running the RBS products in administration, whilst a longer term alternative is sought,
the Company has the benefit of certain permissions from the FSA. These permissions would likely be withdrawn should
the Company be wound up. Therefore if I were to convert the administration to a creditors' voluntary liquidation,
pursuant to my proposals, prior to the transfer of the plan management of the RBS products it would force the early
winding up of these investments.
iv. Extension Application - 1 September 2010
I would like to inform creditors that it is my intention to extend the administration of NDF Administration Limited
for a further 12 months. I am continuing to discuss a potential sale, of the ISA Mortgage Book, which is likely to be
a protracted process involving contract negotiations with third party insurers.
Given the complexity of the administration of the book it will require considerable technological development
for an interested party to be able to integrate the new book into their business.
These parties may also need to obtain FSA permissions which could take up to 6 months.
Furthermore, in order for me to continue administering these products in administration the Company
has the benefit of certain permissions from the FSA. These permissions would be withdrawn should the Company be wound up.
Therefore if I were to convert the administration to a creditors voluntary liquidation, pursuant to my proposals,
prior to the transfer of the book it would eradicate all of the book's realisable value.
v. Update to Investors 14 January 2010
Further to the update dated 12 January 2010 regarding the return of funds for any surrendered ISA mortgage plans,
OPAL have advised that cheques will be released in the week commencing 25 January rather than Friday 22 January as previously stated.
vi. Update to Investors 12 January 2010
ISA status monies
Defined Income Plan August '09 and RBS plans (Autopilot, Skyline, Navigator, Royal Deposit) Cancellations
In our letter dated 3 December 2009 we informed investors who transferred investments in from alternative ISA plan managers to either:
- Provide us with transfer documentation to send the funds to another ISA plan manager
- We would return the investments to the originating ISA plan manager
ISA Mortgage Plans
We are now in a position to comment further on the backlog of surrender requests for the above plan.
All outstanding requests should be processed by Wednesday 13 January, with the requiredtrades to be completed by Thursday 14 January. This should result in all investors who have requested a surrender of their policy receiving their funds by Friday 22 January.
Financial Services Compensation Scheme (FSCS) Website Link - Information for Lehman Brothers Backed Products
The following website contains the most recent information provided by the FSCS in relation to specific products backed by Lehman Brothers.
http://www.fscs.org.uk/news/2010/september/ndf-drl-arc-update/
| Letters to Investors dated 7 December 2009 |
| i. Lehman Backed Products - NDF |
| ii. Lehman Backed Products - DRL |
Administrators' proposals
I attach copies of the administrators' proposals in respect of NDF Administration Limited and Defined Returns Limited below.
Copies of the proposals have been sent to all known creditors and contingent creditors (which includes investors
in products where the counter-party was a Lehman Brothers entity).
Other investors should not face any loss as a result of the administration and are not therefore creditors
of either NDF Administration Limited or Defined Returns Limited. I attach the proposals below for information purposes only.
| i. NDF Proposals | |
| ii. DRL Proposals | |
| iii. NDF Administration Limited, notice of result of meeting of creditors (27 January 2010) | |
| iv. Defined Returns Limited, notice of result of meeting of creditors (27 January 2010) | |
Independent Investor Forum
The Administrators have been made aware that an independent investor forum has been setup on the following website http://www.missoldinvestments.co.uk/
Neither Grant Thornton UK LLP nor the joint administrators of NDF Administration Limited and Defined Returns Limited take responsibility for the content of any external website. The inclusion of a link to an external website from the joint administrators' NDF Administration Limited / Defined Returns Limited website should not be understood to be an endorsement of that website or the site's owners or contributors