DCS payment

  • leach
  • 06/02/09 31/05/09
  • a depositor
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Posted: Thu, 14/04/2011 - 19:26

I assigned by claim to DCS. I would like advice if it is possible and better to know move the claim back to the Liquidators? I also do not understand how the DCS calculated how much they paid out after the 5th dividend and does anyone understand?

Thanks for advice.

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DCS payment

  • tsunamivictim
  • 11/10/08 n/a (free)
  • a depositor
  • Offline
  • Mon, 18/04/2011 - 07:01

My 12.5 appeared in my account in Sri Lanka this morning. Thats a relief for sure. At least the DCS seems to have speeded up its payments now which is good news .


Re claims under DCS

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
  • Offline
  • Thu, 14/04/2011 - 21:38

Hi Leach,

Re your second question, it's quite simple. Once the amount of your compensation payment of £50k has been recovered by the DCS, you will receive payments from the liquidation via the DCS. Following the 5th dividend, such payments will be due to anyone with a claim of over £68k (since 73.6% of £68k = £50k). If you already received a payout after the 4th distribution, you should now receive 12.5% of you claim. If this is the first time you receive such payment, the amount will be 73.6% of your approved claim less £50k.

I fall in the second category. I have just checked my account on the DCS website and see that the amount is already calculated - and is correct. So I guess it should appear very soon in my account (not there yet).

Re reassignment: It is not at the moment practically possible to reassign your claim back to the liquidation as this requires the consent of the court. This has previously been discussed at some length with the JLs, whose initial position was that consent would need to be sought by individual creditors, at their own cost. The following was however agreed at the COI on 29 June 2010 (http://www.kaupthingsingers.co.im/Files/IOM/KSF%20COI%20Minutes%2029%20J...):

"Reassignment

It was agreed that, when we are at the stage of making a final dividend or if it becomes likely that dividends will exceed 100%, we will go to Court for directions on what to do. Initially we would seek blanket permission for reassignment upon confirmation by the DCS that it had received its £50k in full. We would seek directions on whether creditors would have to resubmit their proofs."

There the matter rests for now. In practical terms, the only difference at present is that dividends via the DCS are delayed by up to 2 weeks (though it seems now to be generally faster than that). The reasons for this are explained on the DCS site: www.dcs.im


I notice when I logged into

  • dclf1947
  • 10/10/08 31/08/09
  • a depositor
  • Offline
  • Fri, 15/04/2011 - 09:15

I notice when I logged into the DCS site yesterday that my Financial Summary has been credited with the 12.5% payment but as yet it has not been put into my UK account. I am thinking that the DCS site automatically updates the Financial Summary once the liquidator's payment is known but actually prior to transferring any money. Has anybody actually received the DCS money yet?

Dave
Philippines.


I also haven't received the

  • ianw
  • 14/10/08 n/a (free)
  • unspecified
  • Offline
  • Fri, 15/04/2011 - 18:50

I also haven't received the DCS money. I've had acrimonious exchages with D&T on this subject in the past. Certainly, I only went into the DCS after we'd been assured by PWC that we had the option to reassign our rights to the liquidation after the initial period. PWC now say they got that worng, but we're stuck with the consequences. PWC should pick up the legal bill to sort this out. Another twist is that D&T (who organise the DCS) keep some serious millions in their bank for a few days earning interest. D&T told me there's "no provision" for who keeps this interest, so guess what? D&T pocket keep it so there's a disincentive for them to pass us our money. Maybe not a huge amount, but the principle is ethically unacceptable. Also, given that the liquidators know the dividend at least a week before it's paid and can tell D&T, there's absolutely no reason why D&T can't do their calculations / reconciliations ahead of time and pass the money straight on. But they won't.......


DCS payments coming soon

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Fri, 15/04/2011 - 10:56

Unofficial news from DCS is that payments are in hand and should arrive in accounts early next week. Cheques should normally be posted by Monday.


DCS payments coming soon

  • margaretta
  • 22/11/08 31/05/09
  • a depositor
  • Offline
  • Sat, 16/04/2011 - 10:44

I'm an over 50k DCS and I have to say I received payment already on 14 April. Not unwelcome.


Some info on DCS payment

  • thaichris
  • 02/11/08 31/05/09
  • a depositor
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  • Sat, 16/04/2011 - 01:48

Just for info re DCS payment

I checked my bank account yesterday, no payment.

I checked the website

https://www.dcs.im/dcs

Logged in and it said I had been paid the latest dividend.

I emailed Mr.Simpson at

info(?)dcs [dot] im

To check why i had not received the payment in my bank.

I got an email back within 24 hours from a Lady the Scheme Admistrator saying:

"The transfer is in the process of being authorised and released by the Scheme Manager - the funds should be received into your nominated bank account next week. "


DCS - anyone else still waiting?

  • expatvictim
  • 10/10/08 01/11/10
  • a depositor
  • Offline
  • Mon, 25/04/2011 - 17:38

Still waiting on mine - like Thai Chris my DCS account is up to date, but no credit to the assigned bank account


DCS payments

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
  • Offline
  • Mon, 25/04/2011 - 18:57

My information is that bank transfers should normally have arrived before the bank holiday weekend (ie before last Friday). Anyone expecting a transfer which is not credited by tomorrow would be advised to contact the DCS.


Tinkerbell

  • TINKERBELL
  • 20/01/09 31/05/09
  • a depositor
  • Offline
  • Sat, 16/04/2011 - 13:13

Just received my DCS payment in the post am. Looks like payments are on the way.

Cheers


KSF LETTERS

  • Julie
  • 03/12/08 14/07/09
  • a depositor
  • Offline
  • Sat, 16/04/2011 - 19:31

Yesterday I was speaking to a fully paid up member who stated he only had a small amount in KSF ( Lucky Man) and since he was paid he has recieved 6 letters from KSF. He was wondering how many thousands of letters are going out to fully paid up members at our expense. Is it the price of a stamp, which could still be a large amount at our expense or is it 20 pound or so per letter?? (hope not)