DCS Online claims

  • Champa
  • 13/03/09 31/05/09
  • a depositor
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Posted: Thu, 25/06/2009 - 07:27

I am a depositor to KSF IOM who lives in South East Asia.

Thus far I have not received any documents regarding the DCS.

Thanks to the DAG websites I now realise that I need to lodge my claim before 30 June and so have tried to register as a claimant on the DCS website.....It doesn't recognise me!
I have already claimed and received an initial pay out from EPS2, so I'm baffled as to why the system doesn't recognise my details.

Is anyone else having similar difficulties?

...and I can no longer find the DAG phoneline number(s)...could someone tell me them please?

Many thanks to all who are giving their time in trying to resolve this mess.

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@ Champa

  • Lucky Jim
  • 13/10/08 31/05/09
  • not a depositor
  • Offline
  • Thu, 25/06/2009 - 08:02

Check out the DCS website www.dcs.im
There's an e-mail address on the site for contacting them


DCS Claims

  • bobwin
  • 23/12/08 n/a (free)
  • a depositor
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  • Thu, 25/06/2009 - 08:01

I also live in S E ASIA.

I have registered on the DCS site.

At what point did you have an issue?

You need your bank account numbers and address I think.

Try again

Bob in Davao


@Champa - helplines

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Thu, 25/06/2009 - 07:45

Here is the link for the DAG helplines:

http://www.ksfiomdepositors.org/public-page/dag-helplines

And don't panic too much about the 30 June 'deadline'; if you apply later, you will probably have to wait longer to get any money, but you will still get it. If you can afford to wait, why not first send in a proxy vote to help DAG at the creditors' meeting and then apply to the DCS after the meeting on 7 July?

Hope this helps!


@anrigaut - Are SURE we can do Proxy AND claim DCS?

  • sabi Star
  • 10/10/08 n/a (free)
  • unspecified
  • Offline
  • Thu, 25/06/2009 - 08:23

The woman who answered the phone at KSF Bank yesterday was very doubtful about submitting Proof of Debt and Proxy form as well as later claiming for DCS.
I phoned the bank to check the address to send the Proof of Debt and Proxy - she said - without being asked - "You know you can't claim for DCS if you send these forms" - which I queried.
She was then doubtful about claiming DCS after 7th July as well as submittin PoD and P forms to liquidator when I told her some people were going to do that.


Proxy AND DCS ??

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Thu, 25/06/2009 - 09:18

sabi Star - I'm not 100% sure, though I can see nothing in the rules that says you CAN'T. But I'm waiting for confirmation from DST - hopefully very soon as proxy has to be sent by 3 July. Meanwhile, maybe you could try asking DCS rather than KSF; it is after all their scheme.


I phoned DCS - they said "NO"

  • sabi Star
  • 10/10/08 n/a (free)
  • unspecified
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  • Thu, 25/06/2009 - 09:50

I have just phoned DCS - 00 44 1624 625680 - and was told it is EITHER one submits Proof of Debt and Proxy forms to Liquidator OR one makes a claim from DCS.
Cannot do Proof of Debt and then, later, claim at any time from DCS.


Can't apply for liquidation & then DCS

  • Anonymous
  • Offline
  • Thu, 25/06/2009 - 13:09

I also contacted the DCS and was told that if you file a Proof of Debt (thus applying for liquidation payments) you cannot later file for the DCS. It is one or the other.


@sabi star, @undone

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Mon, 29/06/2009 - 19:25

Below is the reply I received today by email from Micky Swindale, DCS Scheme agent. Could you - and any others who were given wrong information by the DCS phoneline about claiming DCS AFTER sending in a proof of debt form to the Liquidator -please write to him at KPMG_Admin/KPMG(?)dcs [dot] im to confirm what you were told (he is asking for this)?
Thanks.

Here is his reply to my question:

"Apologies for the delay in responding to you, we are experiencing very heavy email traffic at present. Our advice on this matter is as follows, and all those manning the phoneline have been given the same information. I will doublecheck with them tomorrow that there are no misunderstandings, but wanted first to ask if you are sure that such advice was given by the DCS phoneline?

If you have registered for DCS and signed your assignment form, then you have assigned all your rights to us and we will act on your behalf. In that situation, the return of a Proof of Debt/Proxy form is unnecessary, and indeed meaningless.

However, if for any reason you have not yet signed the assignment form and you wish to vote in early July with regard to the KSFIOM liquidator's appointment, then there would be sense in returning a Proof of Debt form, as without it you would not be entitled to vote. You could then register for DCS after that - this may mean you miss out on the first payment round, but we do not anticipate significant delays prior to the subsequent payment rounds.

As the liquidation proceeds and distributions are made, the DCS will recover the compensation payment. Once the compensation has been fully recovered, any further distributions by the liquidator will be redirected to you. .

The assignment transfers all the right in the account (and any other accounts with the bank) to the DCS. If, after the recovery of the compensation, you actively wish the DCS to re-assign the rights to you, it is perfectly willing to do so. The re-direct approach for the actual payments will not require formal re-assignment.

I hope that clarifies matters.

Regards

Micky Swindale

Scheme Agent "


Can we still claim DCS if we submit Proof of Debt to Liquidator?

  • sabi Star
  • 10/10/08 n/a (free)
  • unspecified
  • Offline
  • Thu, 25/06/2009 - 08:11

I was under the impression that some people were delaying claiming DCS until after 7th July (meeting date) and were first sending Proof of Debt and Proxy form to Liquidator - and that they thought this was OK.
But yesterday I phoned the KSF Bank and they were doubtful this could be done ( i.e. both).
So I am now delaying again doing anything! Help!


DCS/ Liquidation

  • mikeinfrance
  • 12/10/08 28/09/09
  • a depositor
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  • Thu, 25/06/2009 - 10:25

My understanding is that by delaying making a DCS claim until after 7th July you have avoided assigning your voting rights to the DCS, but it's also clear that, if you send in the proof of debt form, you can vote but you forfeit your right to apply via the DCS.


Re DCS/liquidation

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Thu, 25/06/2009 - 14:24

I do not believe that sending in proof of debt can take away one's right to subsequently apply for DCS. I can find nothing of the sort in the DCS Regulations; indeed, clause 9(2) states that the Scheme Manager "may require that proof of the debt which gives rise to any liability has been lodged with the liquidator..."! So it could hardly then be the case that lodging proof of debt with the liquidator makes one ineligible for the DCS..

So, as I see it, either they are trying to scare us into abandoning our voting rights (blackmail) or the phone operators are ill-informed (the letter of 5 June merely says that if you apply for the DCS it is not NECESSARY to make a claim directly as they will do it for you; it doesn't say that doing so will disqualify you).

I have just emailed the DCS to ask for urgent clarification and requesting that IF they really believe we cannot apply for DCS AFTER voting they send me details of the relevant legislation. I just hope they reply rapidly - or, even better, we get a clear direction on this from our legal team - as time is running out to send in a proxy.


anrigaut, re DCS or liquidation

  • Anonymous
  • Offline
  • Thu, 25/06/2009 - 16:57

I can assure you that I am not using scare tactics by stating I was told by the DCS helpline that one should not file a Proof of Debt form and subsequently apply for the DCS. However, as this was a verbal statement by the helpline operator, over a week ago, I do believe it right for you and others to confirm this yourselves, preferably in writing by the Manager of the DCS.

Cheers


@undone

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Thu, 25/06/2009 - 23:43

Hi undone,
I didn't mean to suggest that YOU might be using scare tactics - sorry if it appeared that way! I was referring to the DCS team- though I guess it's more likely a lack of understanding on the part of those manning the phone lines.

I have now been assured privately by a member of DST that David Greene agrees with my understanding - that we CAN vote first and then apply for DCS (ie the helpline got it wrong), but I would still like to have it in writing from the horse's mouth. I have also requested that a definite statement be made by the legal team.


Vote now claim later

  • hardyboyz
  • 13/10/08 01/03/10
  • a depositor
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  • Thu, 25/06/2009 - 14:43

I have also been struggling with this issue. We would like to retain voting rights until after the creditors committee is elected and then claim under the DCS. I have E Mailed the bank and the DCS asking for clarification. Here is the reply I got from the bank. This says that it is possible to lodge a claim with the liquidator now and claim for the DCS later. This is what I intend to do although it would be good to have this confirmed by the DCS and our legal team.

From: John Myers [mailto:John [dot] Myers(?)singers [dot] co [dot] im] On Behalf Of Branch User
Sent: 25 June 2009 15:48
To: xxxxx
Subject: RE: Re letter 10th June

Hi

Yes this is possible.

Regards


From: xxxx
Sent: 25 June 2009 11:47
To: Branch User
Subject: RE: Re letter 10th June
John,
Thank you for your prompt reply. I understand that if I claim from the DCS I would not be able to claim from the bank.
However what I would like to do is claim now against the bank and vote in the meeting on July 7th and then make a claim under the DCS. Do you know if this is possible?
Thanks for your help.
xxxxx

From: John Myers [mailto:John [dot] Myers(?)singers [dot] co [dot] im] On Behalf Of Branch User
Sent: 25 June 2009 12:03
To: xxxxx
Subject: RE: Re letter 10th June

Hi

If you claim under the DCS you can not claim from the Liquidator.As the DCS form states if you claim from the DCS you give up all your rights to claim from the bank.Please read this carefully before you claim from the DCS

Regards


From: xxxxx
Sent: 25 June 2009 10:21
To: branch(?)kaupthing [dot] com
Subject: Re letter 10th June
Dear Sir,
Thank you very much for your letter of June 10th. I intend to complete the proof of debt form and voting forms that were enclosed. Please could you confirm that this will in no way prejudice any claim I may wish to subsequently make under the DCS.
Regards,
xxxxx


On 27 May 2009, Michael Simpson of PricewaterhouseCoopers and Peter Spratt of PricewaterhouseCoopers LLP were appointed as Joint Provisional Liquidators and Joint Deemed Official Receivers of Kaupthing Singer & Friedlander (Isle of Man) Limited (in Liquidation). Registered in the Isle of Man No 3519c.
Registered address Samuel Harris House, 5-11 St Georges Street, Douglas, Isle of Man, IM99 1SN
Registered address P.O Box 197, Samuel Harris House, 5-11 St Georges Street, Douglas, Isle of Man, IM99 1SN.
This e-mail is confidential and may be legally privileged. It is intended for the sole use of the addressee and not anyone else. If you received this e-mail in error, please advise the sender immediately.


You cannot vote without the proof of debt form

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Thu, 25/06/2009 - 11:17

You cannot vote without the proof of debt form.

By delaying applying until after the 7th July does NOT mean you forfeit your right to apply for the DSC.

It only IMPLIES that that you MAY not receive the DSC as soon as if you had applied prior to the 30th June ( which i understand is now being extended)

This is tantamount to MORAL BLACKMAIL and is a very good reason to delay applying and retaining your voting rights.


Creditors Committee and Liqudator

  • sabi Star
  • 10/10/08 n/a (free)
  • unspecified
  • Offline
  • Thu, 25/06/2009 - 10:49

Does anyone know - how much control will the Creditors Committee have over the Liquidator?
Does it approve what he does - can he act without their approval?


Hi sabi star

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
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  • Thu, 25/06/2009 - 23:54

Please call the DAG helplines when you get the chance, the operators will help you, otherwise send DST an email and we'll contact you:

DAG Helplines

PHONE LINES:

UK +442032863458
+441312082492
+441614089580
SWEDEN +46406664912
DENMARK +4536997139
AUSTRALIA +61280067975
NEW ZEALAND +6498899286
BRAZIL +552130204917
USA +13058314830
HONG KONG +85281764458
ROI (IRELAND) +353212348147
FRANCE +33977196365

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@sabi Star: Think logically...

  • follow_the_tao
  • 11/10/08 31/05/09
  • a depositor
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  • Thu, 25/06/2009 - 09:53

You send the proxy forms.... therefore you get to use your money to vote for the creditor rep.. fair and just...

You then send your claim for the DCS to arrive after the 7th. They then process it. Nothing untoward except the IoM's attempt at blackmail... claims received after the 30th June "might" not be include in the first 'payout'.
Just my opinion of course but Just how dirty and pathetically desperate can the IoM Government get? No need to answer as no doubt we will see when the next episode hits the wires.

Personally, at yet another personal cost, I will be sending my proxy in and then when these bastards have made it unequivocally clear that 'my rights' (and I noticed 'lancara' sneering the other day) will not be compromised in any way I will submit a claim via the DCS.

If anybody at all has any doubts about the real attitude of the IoMG after this yet another dirty little episode then they need their heads examining. There is no way to 'play' this situation any more. It's each person's choice as it always was.

Just remember the worst place in the world for an offshore account is ... the IoM!..... and let's tell everybody.


voting and DCS claim

  • clodhopper
  • 18/01/09 31/05/09
  • a depositor
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  • Thu, 25/06/2009 - 17:42

WE spoke with David Coates of DAG helpline yesterday and he confirmed that we can submit our proxy votes and proof of debt to the Liquidator and then later submit our claim to DCS. We have therefore followed this advice. How can the DCS take our rights for their offer of compensation - not compensation at all only a prepayment of what is our hard earned cash the IOM have stolen.


DCS online claims

  • Champa
  • 13/03/09 31/05/09
  • a depositor
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  • Thu, 25/06/2009 - 08:05

Many thanks for the link....yes happy to help with a proxy vote.