FINAL SUMMARY
There is a pressing need for the companies to enter a formal insolvency procedure so that debts can be collected in and the assets of the companies can be dealt with in an orderly manner.

The lack of banking facilities means that the companies are unable to bank their own receivables and they are unable to pay their debts as and when they fall due. The nature of the business of the companies largely rests on the confidence that the companies enjoy in attracting and dealing with investors monies. This confidence is fast evaporating due to the recent adverse publicity.

We believe that the appointment of licensed insolvency practitioners will assist in maintaining confidence and producing a better result for creditors.

As licensed insolvency practitioners we forsee no difficulty with obtaining banking facilities for the administrators with HSBC Bank Plc.

Albeit that the businesses of the companies are somewhat complex and we have not had an opportunity to review the businesses in detail we believe that the making of an Administration Order is likely to result in a better realisation of assets than in a winding up and/or there is a real prospect of the companies surviving.