DO I GET THE CASH BACK

  • Anonymous
  • unspecified
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Posted: Fri, 20/02/2009 - 16:38

I'm sorry but I am not a finacial advisor (like the one what said "Derbyshire (IOM) matey, put yor cash in there. Good interest rates, safe as houses - no worries!"

I was not a big investor with KSF(IOM) but to me it's a hell of a lot - so in simple terms can anybody answer me the following questions...

1) Am I going to get £10,000 back ?
2) When?

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DO I GET MY CASH BACK

  • Anonymous
  • Offline
  • Fri, 20/02/2009 - 16:44

Further to my questions if I get ny £10,000 back rather selfishly this will apease me with the I.O.M. and anybody else and will sign anything that gives me my 10,000 back without threats of legal action. Sorry mates - but that's the way it goes.


£10K Cash Back

  • cypheath
  • 01/11/08 30/10/09
  • a depositor
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  • Fri, 20/02/2009 - 18:56

If any of what we read or hear is true, then if you have already applied for the Early Payment Scheme £1000 you can now ask for the forms to apply for EPS 2 which they are saying will pay out another £9K in a few weeks.
Good Luck!


EPS 2 Forms

  • kwcf1998
  • 17/02/09 31/05/09
  • a depositor
  • Offline
  • Fri, 20/02/2009 - 20:42

What if we did not apply for EPS 1 yet? How will we get the forms for EPS 2?

Keith


Info re EPS 2

  • cypheath
  • 01/11/08 30/10/09
  • a depositor
  • Offline
  • Fri, 20/02/2009 - 22:23

Sorry, as a bondholder I have not had to claim, so not sure of the procedure but I have copied this information for you which I hope will help.

Treasury Minister Allan Bell MHK commented:

‘The Isle of Man Government is encouraged that the Court has seen the benefit for depositors and will proceed quickly. We have been working on the Scheme of Arrangement since the previous adjournment of the case so we have not lost any time and believe we could start payments by July/August. 

‘Also this week Tynwald has approved a second and increased Early Payment Scheme (EPS) of up to £10,000 per eligible account holder with KSF IOM, and these payments will begin in about a month from now to ease any immediate hardship cases.’ 

The Court, which adjourned the matter until April 9 for the presentation of a Scheme of Arrangement, heard expert legal evidence that creditors’ rights – to sue third parties for example – could be preserved in such a scheme.

The second Early Payment Scheme, meanwhile, will be financed from Isle of Man Government reserves up to a total of £94 million. It follows the first such scheme, providing up to £1,000 per account holder, approved at the January Tynwald at a total cost of up to £11 million.

Moving the second EPS in Tynwald Mr Bell said that it had been developed along similar guidelines and eligibility criteria to the first scheme.

However, he pointed out that in the second scheme the treatment of insurance bondholder accounts was simplified with all accounts now qualifying for a maximum single payment of £10,000 irrespective of the number of joint or multiple beneficiaries to which that account related.

The Minister told Tynwald that as with the first scheme, depositors would be required to make a claim for the enhanced early payment whilst the Scheme of Arrangement is finalised. The EPS was a voluntary arrangement and would not affect the depositors’ entitlement to benefit under the Scheme of Arrangement once approved.

As before, the claimant for early payment would be required to execute a memorandum of assignment in favour of the Treasury in respect of the sum received so as to enable the Treasury to subsequently receive that amount from any other sources of distribution that become available to depositors.

Information on the second early payment scheme and the documentation which must be completed to make a claim will be sent out to depositors in the week commencing 23 February 2009.

Details of the second scheme will be posted on the Isle of Man Government website (www.gov.im) and the Financial Supervision website (www.fsc.gov.im) on 23 February 2009. Further information on the second Early Payment Scheme can be obtained by contacting the KSF telephone helpline +44 (0)16... or by emailing: ksfdepositors(?)gov [dot] im.
Chief Secretary's Office
Address:
Government Office
Bucks Road
Douglas
Isle of Man
Telephone: 01624 685711


Thanks for the info

  • kwcf1998
  • 17/02/09 31/05/09
  • a depositor
  • Offline
  • Sat, 21/02/2009 - 08:09

I only just joined the forum and it full of helpful info like this

Cheers