NASSAU, BAHAMAS- APRIL 2009 Settlement payments were mailed to creditors with cash collateralized deposits as a result of assets realized in a negotiated settlement with a major creditor. The remaining assets in the liquidation are being pursued, but the liquidator believes that based upon other liquidators’ reports from the United Kingdom, that most if not all of these assets would be uncollectible. It is hoped that the liquidation could be wrapped up by year’s end. Nassau, Bahamas-May 17, 2008 Notice to Creditors Letters have been sent to creditors advising of their status in the liquidation.   BAHAMAS SUPREME COURT DIRECTIONS-January 7, 2008 The Bahamas Supreme Court issued its Ruling for Directions on January 7, 2008 to certain questions posed by Jeffrey Beneby, Liquidator of Istituzione Finanziaria Internationale Limited (formerly Technical and General Guarantee Company Limited) at a hearing on November 14, 2007.  A copy of the full ruling could be obtained by requesting the same of the liquidator at email: benebyandcompany@coralwave.com. The following is a summary of the questions and answers: 1.       Question 1 “Whether or not the creditors who have paid cash collateral deposits (Security Deposits) and are entitled to have these funds repaid upon satisfaction of the related Bonds in preference to other creditors or should they be classified as secured or unsecured creditors?   Answer Security Deposits should be returned to the customers provided the liquidator is satisfied that the conditions have been satisfied under which he can release the Charge Deed, such as the completion of the terms of the bond and receipt of a Certificate of Practical Completion and Release from the Beneficiary of the Bond.   2.       Question 2 Whether or not those creditors who’s  Bonds have not yet expired are entitled to have their cash collaterals back upon request? Would their positions change if they were in default of making their instalment payments in breach of their agreement?   Answer This depends on whether the liquidation will continue beyond two years and whether any monies are payable or liabilities outstanding under the Secured Documents. Creditors who have defaulted on their instalment obligations may only be entitled to a return of the Security Deposit once the liquidator is satisfied that he can release the Charge Deed and return all or part of the Security Deposit.   3.       Question 3 Whether creditors who have obtained judgments against the Company before the Company resolved to go into voluntary liquidation are secured creditors or otherwise?   Answer A creditor who had entered a judgment against the Company before or up to the date (April 12, 2007) of the passing of the resolution to dissolve the Company would have an equitable charge on any land owned by the Company provided a Receiver was appointed to execute this charge. Otherwise they are unsecured creditors.   In the case of goods including money it would be necessary for the judgment to have been completed by the judgment creditor having obtained possession of the goods or of the proceeds of the judgment by way of receipt of money.   4.       Question 4 Whether creditors who have obtained judgments against the Company after the Company went into voluntary liquidation are secured creditors or otherwise?   Answer These creditors are unsecured.   5.       Question 5 Whether or not the liquidator may make any compromise or arrangements with creditors having any pending litigation or having or alleging themselves to have any claim present or future, certain or contingent ascertained or sounding in damages against the Company or whereby the Company may be rendered liable?   Answer The liquidator is authorized by statute to do so.   6.       Question 6 Whether the liquidator can bring or defend any action or other legal proceedings in his name and on behalf of the Company and if do upon what general terms and conditions?   Answer The liquidator is authorized by statute to do so. BAHAMAS COURT DECISION WITHIN TWO WEEKS-November 14, 2007 The Supreme Court of The Commonwealth of The Bahamas has assumed jurisdiction over the Liquidator's Originating Summons for Directions on six matters affecting creditors in the liquidation. The Judge promised that within two weeks if not before, to render his written directions. As soon as the Liquidator receives this, he will post the notice at this website and will then notify creditors formally of the status of their claims.  LIQUIDATORS FIRST REPORT The First Report of the Liquidator is now available.  If you are entitled to receive this report and you do not receive a faxed or email copy within a week's time, please send a fax or email to the Liquidator, to ensure the Liquidator has your current email and fax addresses. IFIL UPDATE-November 6, 2007     LIQUIDATORS FIRST REPORT   The Liquidator’s First Report has been drafted and is currently being reviewed with his agents for accuracy and any new information.   The report should be available next week.   Creditors and or their solicitors/attorneys wishing to receive this report should ensure that the Liquidator has both their fax and/or email addresses, as this will be the means of distributing the report.   BAHAMAS COURT HEARING FOR DIRECTIONS   The Liquidator having received advice from his UK based solicitors, has requested the services of a Senior Barrister to provide an independent legal opinion on UK Laws on the issues requiring The Bahamian Supreme Court’s directions.   As a result of this, the Barrister’s report would not be available to be filed on a timely basis with the Court, for the hearing on November 8, 2007. As a result the Liquidator has requested his Bahamian attorney to seek an adjournment from the Court to allow him to receive the Barrister’s report and to also include his First Report on the liquidation of IFIL.   BAHAMAS SUPREME COURT PRELIMINIARY RULING-October 24, 2007   At the Supreme Court Hearing on October 15, 2007, the Court before making a final Order for Directions requested that I obtain from my UK Solicitors the status of UK Law on the matters raised. The Court will reconvene on November 8, 2007   The issues for which the Liquidator sought the Court’s Directions are:   Whether or not the creditors who have paid cash collateral deposits are entitled to have these funds repaid upon satisfaction of the related Bonds in preference to other creditors or should they be classified as secured or unsecured creditors? Whether or not those creditors whose bonds have not yet expired are entitled to have their cash collaterals back upon request? Would their positions change if they were in default of making installment payments in breach of their agreements? Whether creditors who have obtained judgments against the Company before the Company resolved to go into voluntary liquidation are secured creditors or otherwise? Whether creditors who have obtained judgments against the Company after the Company went into liquidation are unsecured creditors or otherwise? Whether or not the Liquidator may make any compromise or arrangements with creditors having any pending litigation or having or alleging themselves to have any claims present or future, certain or contingent, ascertained or sounding only in damages against the Company or whereby the Company may be rendered liable? Whether the Liquidator can bring or defend any action or other legal proceeding in the name and on behalf of the Company? If so, upon what general terms and conditions?    IFIL NEWS-October 6, 2007 CASH COLLATERAL CREDITORS   Cash Collateral Creditors have been sent a mailing last week to provide proof of completion of their projects and evidence of release from the beneficiary of the bond. Once these documents are received, a decision will be made about their status in the liquidation.   BAHAMAS COURT HEARING   The long awaited Supreme Court date has been granted. With the recent appointment of new Supreme Court Judges, the IFIL Exparte matter, seeking court directions on various issues affecting the liquidation will now be heard on October 15, 2007.   The Liquidator of IFIL is seeking the court’s directions on the status of cash collateral creditors and those creditors with Court Judgments against the company.   LIQUIDATOR’S FIRST REPORT   The Liquidator’s First Report to the creditors of IFIL will be delayed until after the Court hearing of October 15, 2007.   The Report will be available at no charge at this web page. However, if you require a written or email copy of the report there is a charge of twenty five pounds sterling.