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Southsea Mortgage and Investment Company Ltd in Bank Insolvency

Date 10 August 2011

First report to creditors in accordance with paragraph 34 of the Bank Insolvency (England & Wales) Rules 2009

Southsea Mortgage and Investment Report

Date 16 June 2011

Malcolm Cohen and Mark Shaw, business restructuring partners at BDO LLP, were appointed Joint Bank Liquidators for Southsea Mortgage and Investment Company Ltd (Southsea) on 16 June 2011, following a court application by the Bank of England to place Southsea into a Bank Insolvency Process. The application followed a decision from the Financial Services Authority that the conditions for initiating the Special Resolution Regime were met.

As of 16 June 2011 Southsea has ceased trading.

The Financial Services Compensation Scheme (FSCS) is responsible for paying out to eligible depositors insured balances up to the limit of £85,000. The FSCS will now make a payout to eligible depositors as soon as possible and will be contacting them directly. Anyone with mortgages or loans with Southsea should continue to make their repayments and service their debts in the normal way.

The Joint Bank Liquidators will be working with the FSCS to ensure that eligible depositors receive payout from the FSCS as quickly as possible and that the winding up is carried out in such a way as to achieve the best possible results for the benefit of the creditors.

Malcolm Cohen, business restructuring partner at BDO LLP, said: "The Joint Bank Liquidators are working closely with the FSCS, the Bank of England, the Financial Services Authority and Her Majesty’s Treasury (HMT) to expedite the compensation process for depositors, and to maximise recoveries for the benefit of other creditors."　

Contacts:

Depositors can find out more information on the FSCS website www.fscs.org.uk and can call the FSCS on 0800 678 1100 / 020 7741 4100
Mortgagors and borrowers should contact Sarantis Chiotis at BDO on 020 7486 5888
Other creditors (excluding FSCS depositors) and shareholders should contact Sarantis Chiotis at BDO on 020 7486 5888
For media enquiries please contact the BDO Business Restructuring press office on 020 7397 7370 or 07796 894 879

Useful links:

Bank of England http://www.bankofengland.co.uk/publications/news/2011/060.htm
Financial Services Authority http://www.fsa.gov.uk/pages/consumerinformation/firmnews/2011/southsea.shtml

Financial Services Compensation Scheme http://www.fscs.org.uk

HM Treasury http://www.hm-treasury.gov.uk

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Accountants and Business Advisers © 2011 BDO LLP. All rights reserved. BDO LLP, a UK limited liability partnership registered in England and Wales under number OC305127, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. A list of members' names is open to inspection at our registered office, 55 Baker Street, London W1U 7EU. BDO LLP is authorised and regulated by the Financial Services Authority to conduct investment business. BDO is the brand name for the BDO network and for each of the BDO Member Firms.