Following on from our last update, we are able to report that good progress is being made with the Scheme. In accordance with the steps set out in our August update, we can confirm that a draft of the Scheme was prepared by The Scheme Solicitors, was circulated to the JFCT and has received positive feedback.
In accordance with the next steps, the Scheme has now been shared with accountants for the JFCT, who are reviewing its financial implications and are working with the JFCT to ensure the Trust has clarity about its financial obligations and is in a position to meet these obligations when the Scheme opens.
Additionally, in order to be financially ready for the Scheme the JFCT is continuing to push forward with its divestment programme. The proceeds from the divestment programme are essential for the Scheme as they will be used to create the pot of funds available to the JF Redress Office & Scheme Solicitors to pay the claims for which the JFCT is responsible under the Scheme.
As with many aspects of life at the moment, the progress of the divestment programme is being slowed by continued business disruption caused by the on-going Covid-19 pandemic and recent lockdown restrictions however the JFCT continue to make progress where possible.JFCT is currently restructuring its staff and trustee board, including the addition of professional trustees, to strengthen its closure management.
Once the restructured team is in place, accountants have concluded their financial review of the Scheme and the JFCT has secured sufficient funds for the Scheme from divestment, the Scheme Solicitors will be in a position to confirm approval from all interested parties to the Scheme.
It is hoped the Scheme can start once all approvals have been obtained however, as many of the timings in relation to this are being influenced by factors outside of The Scheme Solicitors control we cannot yet confirm when the Scheme will go live. We will continue to keep you informed of developments and will let you know as soon as a commencement date for the Scheme is available.
In the meantime, we want to reassure you that JFCT remains strongly committed to redress and the JF Redress Office remains open to registrations from individuals.