DCS claim Guidance Notes

  • Anonymous
  • unspecified
  • Offline
Posted: Thu, 11/06/2009 - 11:34

Here are the Guidance Notes regarding making a DCS Claim. They can only be seen on the DCS.im site after one has registered for the DCS. In addition to the pre-recorded helpline shown at the end of the guidance notes, there is a helpline where you can talk to someone. It is - 011-44-1624-625 680

Hope the following answers some questions you may have. Cheers.

DEPOSITORS' COMPENSATION SCHEME 2008
CLAIM FORM FOR KAUPTHING SINGER & FRIEDLANDER (ISLE OF MAN) LIMITED - In liquidation

This form must be completed by any person who has a deposit in Kaupthing Singer & Friedlander (Isle of Man) Limited ("KSFIOML") (which is in default), and who wishes to claim compensation under the Depositors' Compensation Scheme 2008 ("the Scheme").

Potential claimants should note the terms of the Compensation of Depositors Regulations 2008 (as amended) ("the Scheme Regulations") before submitting a claim, in particular the maximum compensation payable (regulation 11) and the subrogation requirements (regulation 16).

These documents are important and require your immediate attention. These notes are not intended as definitive legal advice. If you are in doubt as to what action you should take, you are advised to seek professional advice.

Using the Accounts form please list each sterling (£) or non-sterling account which you hold with KSFIOML.

Where an account is held in joint names, all joint accountholders must sign a separate claim form. However, each joint accountholder will be treated as holding an equal share in the deposit and will, subject to satisfying all necessary conditions, be entitled to compensation up to the maximum compensation payable.

You should note that if you choose to claim from the Scheme it will not be necessary for you to also make a claim directly in the liquidation. The Scheme Manager will do do on your behalf. You should NOT therefore return a separate proof of debt to the Liquidator

You should also note that, by submitting the claim form, you are transferring certain rights and claims to the Scheme Manager and you are undertaking to do certain things as set out in the form entitled 'Assignment of Rights'; you are also giving the warranties and representations set out in that same form.

In order to claim compensation under the Scheme you are required to assign to the Scheme Manager all such rights as you may have in relation to the accounts to which this form relates. If you have already received compensation under the KSFIOML Early Payment Scheme ("EPS") and/or KSFIOML Early Payment (No. 2) Scheme ("EPS2") then you will already have assigned part of your rights in the account to which this form relates and by submitting this claim form you are assigning any and all remaining rights that you have.

To the extent that the Scheme Manager, in exercising such rights, recovers sums in excess of the amount of compensation paid to you as described by the Scheme, the excess will be paid to you.

Please note that any compensation you receive or have received from another source may be deducted from any compensation to which you may be entitled under the Scheme.

The Scheme Manager will not pay compensation where the transaction giving rise to this claim is or was part of any criminal activity.

The Financial Supervision Commission as Scheme Manager is registered as a Data Protection Controller under the Isle of Man Data Protection Act and is therefore obliged to ensure that the information you provide is held confidentially. By signing this form you give the Scheme Manager your permission to share the information contained in this form with

• (i) the Liquidator or its servants or agents
• (ii) the new owner of KSFIOML assets following any restructuring or sale
• (iii) the Isle of Man Treasury as administrator of the EPS and EPS2

In this claim forms
• (i) "date of default" means 27 May 2009
• (ii) "KSFIOML" means Kaupthing Singer & Friedlander (Isle of Man) Limited
• (iii) "Scheme" means The Depositors' Compensation Scheme 2008
• (iv) "Scheme Manager" means the Isle of Man Financial Supervision Commission c/o PO Box 201, Douglas, Isle of Man, IM99 1HN
• (v) "Scheme Regulations" mean the Compensation of Depositors Regulations 2008. The can be found at www.dcs.im.
• (vi) unless the context otherwise requires, the term "deposit" and the term "account" mean the same.
• (vii) the numbered references in brackets are references to the relevant Scheme Regulation
• (viii) "Liquidator" means the Joint Provisional Liquidators, Michael Simpson and Peter Spratt both of PricewaterhouseCoopers and whoever in due course and from time to time is appointed Liquidator of KSFIOML by the Court
• (ix) "EPS" means the KSFIOML Early Payment Scheme
• (ix) "EPS2" means the KSFIOML Early Payment (No. 2) Scheme

If you are unable to answer any question or supply any requested documents, please attach a suitable explanation.

There is a limit on the amount of contributions which the Scheme Manager can levy to meet the costs of compensation to depositors in any one year. If the claims of depositors on the Scheme in any year exceed the amount of levies and any borrowing, you may receive in that year only part of any compensation due to you; any balance due to you will be carried forward to succeeding years and paid as soon as funds are available. It is the Scheme Manager's current intention and objective to pay all compensation due to claimants by September 2009.

The Scheme Manager has appointed KPMG LLC as its agent for the purpose of the administration of claims under the Scheme.

IF YOU REQUIRE GENERAL ASSISTANCE IN SUBMITTING THIS CLAIM, THERE IS A RECORDED HELPLINE +44 (0) 1624 606000 AND EMAILS MAY BE SENT TO info(?)dcs [dot] im

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DCS Liquidation interaction and communication

  • columbgc
  • 11/10/08 14/07/10
  • a depositor
  • Offline
  • Wed, 17/06/2009 - 08:42

Can anybody clarify these?

Q1. Would MS share the information with the DCS Scheme Manager? The DCS has not clarified the way payments would be made (someone suggested they would send a cheque!!!) while MS is providing for electronic transfers into existing accounts. During the next conference call with MS, can we ask if he has discussed this with the DCS Scheme Manager and how would they share the information?

Q2. It is unclear if depositors with more the 50K need to apply in both places to ensure they are claiming funds in excess of DCS.

Q3. In the proof of debt form, MS item 5 deals with the interest. We had the money in Money Market Accounts and we have no idea how they computed the interest as we normally saw it on the bank reports on a quarterly basis. As MS has access to the bank records, can he publish what the rates were for each account type so we can calculate what would be the interest owed to us?


DCS Costs and Interest

  • Alastair
  • 10/10/08 30/09/09
  • a depositor
  • Offline
  • Mon, 15/06/2009 - 13:08

Apologies if covered elsewhere does anyone have guideance on how the costs of the DSC are covered including interest payments on the early payment?


DCS Guidance Notes - Many thanks

  • Hoping and coping
  • 16/10/08 31/07/10
  • a depositor
  • Offline
  • Thu, 11/06/2009 - 12:35

Many thanks. It's very helpful to be able to see this before making the decision about what on earth to do. (I still have lots of questions and worries though...)


DCS claim form problem

  • AJM UAE
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 11/06/2009 - 12:20

Is anyone else having problems trying to register as a new claimant? I just keep getting messages telling me that my e-mail addresses don't match.

Another dismal chapter in this endless saga ... :-(


DCS claim form problem

  • edelweiss
  • 22/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 11/06/2009 - 14:52

I to am having problems registering.I log on get to the second page.press submit
up comes a box saying"lots to do this may take a minute or two" press o.k.then
the page times out instantly.anyone else out there having this problem? help!!
please any one


DCS Claim

  • Julienne
  • 16/10/08 31/08/09
  • a depositor
  • Offline
  • Mon, 15/06/2009 - 14:18

Well you are luckier than me -- I can't get past page one - my account number and name - it goes to a page which says :-

We have a problem

Claim cannot be processed, please correct and re-try :

Account details are not correct

click here to return

Naturally you try more than once over an IOM Bank holiday weekend!! BUT the DCS lady at the end of the phone this morning was bemused - not having had this particular problem before - she is looking into it -- as yet no resolution!!

Hey, and I though I was on my way to a few pennys to spend in Tescos!!


Re: DCS claim & Email Addresses

  • Anonymous
  • Offline
  • Thu, 11/06/2009 - 14:25

I suspect one has to ensure they use the same email address that was submitted to the Provisional Liquidator back in late December or early January when filling in the Data & Payment Detail Update form. The DCS are matching information against that supplied by the Liquidators. If you recently changed your email address it may be the cause of your problem. If problems persist try calling 011-44-1624-625 680 which is the DCS live helpline.

Cheers


Could be account/deal number problem

  • chd
  • 13/10/08 30/09/09
  • a depositor
  • Offline
  • Thu, 11/06/2009 - 14:55

It could stem from the account number or deal number. There is a bit of a cock up (apparently liquidator's fault) and an update has just been put up on DCS web site.

http://www.dcs.im/dcs/dcs.nsf/220509


AJM - Yip same issues here -

  • qatar
  • 15/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 11/06/2009 - 13:04

AJM - Yip same issues here - very frustrating!!


More re DCS Guidance Notes

  • Anonymous
  • Offline
  • Thu, 11/06/2009 - 11:50

Although the guidance notes do not indicate where one must mail the signed forms, the address is shown on the last page of the forms. As the question was asked elsewhere on this site, I thought it wise to post the address here as well.

The Scheme Manager
Depositors' Compensation Scheme
41 Athol Street
Douglas
Isle of Man
IM99 1HN


But it also states

  • dlrow
  • 11/12/08 31/05/09
  • not prepared to answer
  • Offline
  • Thu, 11/06/2009 - 13:30

But it also states above:

"The Scheme Manager has appointed KPMG LLC as its agent for the purpose of the administration of claims
under the Scheme".


dlrow, last page of Claim Forms

  • Anonymous
  • Offline
  • Thu, 11/06/2009 - 14:43

Here is a copy of the last page of the Claim Forms. If you go to the bottom of this page you will note that they explicitly state the address where the forms are to be posted.

GENERAL

ALL SIGNATORIES SHOULD ENSURE THAT THEY HAVE READ THIS FORM AND THE ACCOMPANYING NOTES BEFORE SIGNING

• This Assignment shall bind the Scheme Manager and the Claimant(s) and their respective successors and permitted assigns and any trustee in bankruptcy or similar

• This Assignment is governed by Manx Law and the courts of the Isle of Man have exclusive jurisdiction to settle a dispute

If you are signing this form as an attorney for an account holder or other claimant please provide the original power of attorney or a certified copy thereof.

The form of the power of attorney must be a general power of attorney in a statutory form or otherwise must give express power for the attorney on behalf of the claimant to make a claim under the Scheme, to effect the assignments, acknowledgements and undertakings set out above and to give the consents, warranties and representations set out above. If a certified copy of a power of attorney is provided the copy must be certified in accordance with the provisions of the Powers of Attorney Act 1983.

If you are signing this form on behalf of a body corporate please provide evidence of the capacity in which and the authority under which you do so and state the full name of the body corporate in addition to your full name.

Where the account is held in the name of a minor the parent or guardian should sign the form and indicate the relationship with the minor.

If you have made any amendments to the answers provided on the form all such amendments should be initialled by all account holders

Please note :
The Scheme Manager may ask you for further information in addition to that provided in this form and if you fail to comply with such request, your claim may be rejected

IF YOU HAVE KNOWINGLY GIVEN FALSE OR MISLEADING INFORMATION ON THIS FORM, YOU MAY BE LIABLE TO CRIMINAL PROSECUTION.


PRINTING THIS FORM

As far as the Scheme Manager is concerned this is the only form that MUST be printed. There will probably be 4 pages of A4 size print that you must sign in 3 separate places and post to :

The Scheme Manager
Depositors' Compensation Scheme
41 Athol Street
Douglas
Isle of Man
IM99 1HN


Scheme Manager and KPMG

  • Ramsey resident
  • 22/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 11/06/2009 - 14:26

Are both one and the same

KPMG offices are at 41 Athol St