liquidation

SIMPLE SUMS2 - MONEY IN THE UK

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DEPOSITORS' QUESTIONS FOR NEXT CC MEETING

Posted 15/12/2009 - 22:01 by glen07

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This is to give a location, on this site, to list questions for the next CC meeting.

Job Advertisement for PWC insolvency team in IOM

2009-08-20 23

Isle of Man, Insolvency Manager or Senior Manager
Accountancy

£61,000 - £70,000
Isle of Man, UK

A leading and very well respected accountancy firm is seeking an experienced and highly motivated Insolvency Manager/ Senior Manager to join their Isle of Man Recovery team. This is a two year fixed term contract with an opportunity to work with some of the best people in the business.

The role will involve working on a mixture of Corporate Insolvency Cases with a high proportion of time taken up by looking after the liquidation of Kaupthing Singer & Friedlander and therefore financial experience is desirable.

Successful applicants should be of ACA calibre or ideally be JIEB qualified. Management and liquidation skills are essential as this is an opportunity with a lot of responsibility and will involve coaching junior members of staff.

For more information or a confidential disucssion, please contact X at WH Marks Sattin on xxx or apply with an up to date CV by clicking on the 'Apply Now' button.

job ref EST118535
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www.whmarkssattin.com/emea

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What a shambles!

Posted 12/07/2009 - 08:03 by anrigaut

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The dreaded duo have struck again!

PricewaterhouseCoopers retained as KSFIoM liquidator

Kaupthing Singer & Friedlander (Isle of Man) depositors have voted to retain PricewaterhouseCoopers as liquidator of the stricken bank, even though several recent surveys by a depositors action group found most would have preferred a change.

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Three out of four Kaupthing savers will get money back

2009-06-29 16

Three out of four Kaupthing savers will get money back

Manx Treasury officials estimate that three out of four savers with collapsed bank Kaupthing Singer & Friedlander (Isle of Man) will be repaid in full but customers who held deposits through life assurance bonds will not be so fortunate.

According to the pressure group Kaupthing Singer & Friedlander (Isle of Man) Depositors Action Group there are nearly 2,000 KSFIOM customers who held £300 million with the bank through life assurance bonds

Manx Treasury officials estimate that three out of four savers with collapsed bank Kaupthing Singer & Friedlander (Isle of Man) will be repaid in full under the Manx Depositor Compensation Scheme (DCS).

[Continues]

Contains these paragraphs:

Royal London 360º, formed from the merger of Scottish Life International and Scottish Provident International last year, said it removed all Icelandic banks from its panel in early 2008, months before the KSFIOM collapse.

David Kneeshaw, chief executive of Royal London 360º, said: "We recognised the country risk of Iceland and any customer who specifically wanted to go with an Icelandic bank had to sign a disclaimer."

The life office continues to monitor bank safety and its panel excludes all but the major global banks and those backed by the UK government.

Concludes:

The KSFIOM Depositors Action Group criticises the life offices for taking charges out of the £10,000 early payments and out of future recoveries.

It says the KSFIOM affair shows that "offshore bonds offer none of their much-vaunted safety and security – even life companies finally need to admit this vehicle is not fit and proper for the task".

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Reply from Mike Fayle to my letter to DCS

Posted 21/06/2009 - 13:27 by Hoping and coping

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Re my letter to DCS, posted 11/06 (http://chat.ksfiomdepositors.org/forum-topic/letter-dcs-voicing-concerns...) - see below - I received a very prompt and wh

Letter to DCS voicing concerns about Compensation Claim Process and Security

Posted 11/06/2009 - 10:58 by Hoping and coping

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I am very concerned and anxious (and confused...) about all aspects of this latest stage of this awful process.

DCS vs. Liquidation - Appeal to spreadsheet gurus

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Should or should we not apply for the DCS now? With the time running out quickly (if applying for DCS) I call upon the ones who have in the past provided useful SOA vs.

KSFIoM Depositor - Latest Radio Interview

2009-01-31 (All day)

[KSFIoM Depositor Interviewed on Manx Radio]

John Moss, Business Editor, has just announced the court hearing and said: “Controlled wind down or liquidation? I asked one depositor, which he would prefer. He holds that, should the bank’s position be the result of faults that could be laid at the feet of the FSC or directors, a Scheme of Arrangement, which is currently being mooted, would tie depositors’ hands to a degree as to any actions they might take..”

[To hear all the Interview go to the link]

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