Pharma Investments, Ventures & Law Weekly
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Moore Stephens Llp
AY Bank Liquidators Pay Creditors in Full
June 15th, 2008
The liquidators of AY Bank Limited, Jeremy Willmont and David Rolph of Moore Stephens, have declared a fifth dividend which brings unsecured creditors' payout up to 100p in the GBP. Willmont said "I am absolutely delighted that depositors have been paid back all of their money. It's taken a lot of hard work over almost nine years. At a time when bank liquidity is very much in the news, this case demonstrates how much can eventually be recovered from assets, provided you adopt the right approach. AY Bank had a particularly difficult loan book to collect. Much of its business was inter-bank lending and most borrowers were in the former Yugoslavian...
Source: Pharma Investments, Ventures & Law Weekly (2008-06-15)
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