ROBERT COATES (ON BEHALF OF DAG) SPEECH FOR THE NOMINEES TO THE CREDITORS COMMITTEE

ROBERT COATES (ON BEHALF OF DAG) SPEECH FOR THE NOMINEES TO THE CREDITORS COMMITTEE

Speech for the nominees

The three nominees for the Depositors Action Group are Alex Marsella; Simon Bessant and Stuart Roberts. The Committee of Inspection is a vital part of the liquidation process. It is in our view therefore important to appoint people who are both able and committed to ensure maximum returns for creditors. We support the appointment of representatives of the life companies, the non depositor creditors and the local depositors. For the remaining seats we believe that all three nominees, Alex, Simon and Stuart would be hard working representatives of depositors. They have all been active members of the Action Group since it started in October last. You may not have agreed with all that the Action Group has done but I hope you will recognise that we have been committed to the cause and have done our utmost for depositors. The result of our work on the Scheme of Arrangement was its defeat and ultimately the proposed pay out of the full DCS scheme this autumn and the early first dividend from the Company this month. Although many doubted our opposition to the Scheme the result has been substantial benefit to the depositors. The Group represents a wide body of depositors including bond holders and has a wide constituency. About 2,000 depositors have joined it or contributed funds. We have worked hard and pursued all avenues. We wish the Committee of Inspection to do the same and we put forward Alex, Simon and Stuart knowing that each of them is capable and committed to depositors interests.

Alex is a chartered accountant with 21 years experience who did work for PWC and is familiar with the workings of the firm. Simon is a solicitor who was in a major firm in London for many years but recently has acted as in house corporate counsel. Stuart is a successful businessman based in the North West and has particularly worked in the Action Group and held the depositors proxies for the Scheme of Arrangement.

IMPORTANT

Please note that the content of this site is no longer regularly updated, and much of it may be outdated.

See this page for alternative sites.

Main Menu