Information for Creditors

Notice to all customers with secured or unsecured loans and offers

Business as usual

Although Heritable Bank Plc has gone into Administration, it is currently business as usual. Heritable Bank Plc has not ceased to trade. The Administration is necessary because of Heritable Bank Plcs financial position and to ensure that it can continue to operate, and to ensure the best interests of customers and creditors are served.

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.

Operations

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 Bank Plc.

We will continue to keep you updated with developments in respect of the long term plans for Heritable Bank Plc and notify you immediately if any changes are proposed to be made which will affect your current position.

If you are a customer with a residential, buy-to-let or commercial mortgage:

Your existing mortgage agreement remains in place.
There is no intention to change the repayment profile of your mortgage and you are not being expected to refinance elsewhere.
All existing early repayment charges and notice periods remain in force.
You should continue to make payments in the usual way.

If you are a customer with a mortgage offer: -

No further loans will be provided.

If you are a customer with an unsecured loan:

Your existing loan agreement remains in place.
There is no intention to change the repayment profile of your loan and you are not being expected to refinance elsewhere.
All existing early repayment charges and notice periods remain in force.
You should continue to make payments in the usual way.

Finally, we would like to re-iterate that our key objective is to ensure business as normal during this process. We shall keep you as fully informed of the situation as we are able as matters progress.

Tom Burton, Alan Bloom, Maggie Mills and Patrick Brazzill
Joint Administrators

Heritable Bank > mortgages > information for creditors

Important Information : Information relating to your legal rights, our procedures, our disclaimer and protection statement can be found on the legal page.

The Insolvency Practitioners Association in the UK authorises Patrick Joseph Brazzill to act as an Insolvency Practitioner under section 390(2)(a) of the Insolvency Act 1986 and the Institute of Chartered Accountants of Scotland in the UK authorises Thomas Merchant Burton to act as an Insolvency Practitioner under section 390(2)(a) of the Insolvency Act 1986. The Insolvency Practitioners Association in the UK and the Institute of Chartered Accountants in England and Wales in the UK authorise A R Bloom and M E Mills to act as Insolvency Practitioners under section 390(2)(a) of the Insolvency Act 1986. The affairs, business and property of the Company are being managed by the Joint Administrators who act as agents of the Company only and without personal liability.