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2008 Audited accounts

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INSOL International, for the year ended December 31 2008, reported a deficit after tax of US$276,964 compared to a surplus of US$448,412 for the prior year. Such a deficit was mainly caused by a foreign exchange loss of US$447,361. A significant part of the exchange loss was attributed to the year-end conversion of Sterling bank deposits into US Dollars, which is the reporting currency, at an exchange rate of 1.45 compared with 2.00 at the previous year-end date.

Despite the foreign exchange book loss suffered as above-mentioned, INSOL International remains in a financial healthy state. Keeping all the costs under very tight budgetary control has always been and will continue to be one of our prime objectives.

INSOL International continues to improve upon existing and introduce new quality services it provides to its stakeholders. These include additional one-day seminars held in a number of regions, supporting important multilateral initiatives in a number of developing countries and the promotion of INSOL Fellowship, which is a Global Insolvency Qualification launched in 2007.

Johnson Kong

Treasurer