What has happened?
On 7 October 2008 the Court of Session made an Administration Order in relation to Heritable Bank Plc. Tom Burton, Alan Bloom, Maggie Mills and Patrick Brazzill of Ernst & Young LLP were appointed as Joint Administrators of Heritable Bank Plc.
Business as usual
Heritable Bank Plc has not ceased to trade. The Administration is necessary because of Heritables financial position and to ensure that it can continue to operate, and to ensure the best interests of customers and creditors are served.
We will continue to keep you updated with developments in respect of the long term plans for Heritable and notify you immediately if any changes are proposed to be made which will affect your current position.
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The purpose of the Administration Order is to seek to ensure the best long term solution can be adopted for customers and creditors, and whilst doing so, continuing the operations of Heritable.
Whilst in Administration, Heritable will continue to manage its current loan book and the Joint Administrators will be seeking to find purchasers for, and will continue to manage, the remainder of Heritable�s business and loan book to maximise recovery for creditors. The existing mortgage/loan agreements of borrowers remain in place, the repayment profile of your mortgage/loans is not being changed and you are not being expected to refinance elsewhere. Borrowers should continue to make payments in the usual way.
All customers of Heritable Bank plc and its subsidiary, Heritable Capital Partners Limited should note that The Landsbanki Freezing Order 2008 does not apply to Heritable Bank plc or its subsidiaries. Customers should therefore continue to meet their obligations and make payments in the usual way without any set-off or deduction.
The directors are still the directors of Heritable. Whilst in Administration, the Joint Administrators are ultimately responsible for Heritable. However, the directors and existing management structure will remain in place and the directors and their existing management team will be responsible for the day-to-day operations.
We will be working closely with management and do not envisage any major changes to procedures on a day-to-day basis. Our key objective is business as usual and to achieve this we will require your support during this process.
Tom Burton, Alan Bloom, Maggie Mills and Patrick Brazzill