April 9th - 6 months and 1 day from October 8th!

  • doubled
  • 12/10/08 31/05/09
  • a depositor
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Posted: Fri, 20/02/2009 - 09:59

I don't know if anyone else has made this point but there is significance to the date of the next court hearing - it is six months and 1 day after the events of 8th October. I feel that this is potentially important, and not simply coindidence.

Optimistic view: On 8th April E&Y's 6 months dealing with ING will be up and they will be able to release information to the other creditors, including us.

Pessimistic view: Some bodies (for example, the Financial Ombudsman) have a 6-month deadline after the event for the bringing of complaints. Could this have any implication for our ability to bring actions in the IOM?

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Elgee - 6 month deadline

  • coldlightofday
  • 20/10/08 31/08/09
  • a depositor
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  • Fri, 20/02/2009 - 18:49

Elgee,

You are a mine of information about this sort of thing!

Should we be seeking legal advice re. any initial complaints, proceedings etc. that need to be actioned before the end of March ie. before the date 6 months since failure of the bank?


Elgee - 6 month deadline

  • Anonymous
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  • Fri, 20/02/2009 - 21:10

I know nothing of Manx law but, assuming that the same limitations apply there as apply here, the normal limitation period for most torts is 6 years and for contract is 6 years (special cases, 12 years). Some torts (not relevant here) are less than 6 years. None are as short as 6 months.

Complaints to certain official bodies (eg ombudsman) have much shorter limits. Surprisingly (to me) the IoM does have a FS Ombudsman (set up in summer 2008), and that has a time limit of 6 months. I am not sure whether it would be appropriate, but having discovered its existence I will make it known to the team so that they can get advice.

http://www.iomguide.com/news/general-news.php?story=103534


Elgee - 6 month deadline re FOS

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
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  • Fri, 20/02/2009 - 21:28

Elgee is right there is a IoM FoS but I think some of the details arent correct above.

I think the time limited for the IoM FoS is within 6 years of the act or or within two years of when it should have come to your notice.

But please, this is not legal advice, it is just my view. Consult a lawyer.

It is run by the IoM office of fair trading, the link is http://www.gov.im/oft/ombudsman/

The Iom FoS started much earlier than 2008, maybe 2002? The Financial regulation in the IOM was overhauled in 1 Jan 2008 a la UK FSMA 2008 so there were no regulations made under this act, but it existed under the previous banking and investment business acts.

In the UK if a claim succeeds and the financial institution cant meet the claim, then a claim can be made from the FSCS. I don't think there are equivalent provisions under the IoM FOS


@manx - ombudsman

  • Anonymous
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  • Fri, 20/02/2009 - 21:52

Thanks for correcting me on the date the IM ombudsman came into being. As for the time limit, I could not find one on the relevant website, so I got it instead from the Nationwide (IOM) site:

http://www.nationwideinternational.com/home_files/ombudsman.htm

where it is stated to be 6 months. It is a bit mysterious that you think it is 6 years.


Ombudsman

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
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  • Fri, 20/02/2009 - 21:59

I dont think there is too much mystery about the time limits - see this link
http://www.gov.im/lib/docs/oft/ombudsman/ombudsmaninfoleafletjune2003.pdf
It could be that the rules have change and the leaflet not updated, but I dont think so, anyway give the FoS in the IoM a call and ask them