IN Flight Transfers Being Returned to IOM

  • podather
  • 10/10/08 31/05/09
  • a depositor
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Posted: Wed, 05/11/2008 - 21:18

I received an email today from a confidant that works at the Bank .
It stated that they had been advised that all the funds that constitutd in flight transfers
were now being returned to KSF IOM.
They apologised to me, as they were aware that I made a late request for funds to be sent (6th Oct)
I am part of Hoppers legal action and advised gregg Latchams accordingly
This is not the news we wanted...

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So it seems that the LP's

  • Toast8
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 05/11/2008 - 22:52

So it seems that the LP's previous assertions that he had no interest in repatriating funds back to the IOM was just hot air. But we always new this because he owes a fiduciary duty to all creditors to try and recoup what he can. Jurisdictionally I am surprised he got away with it if confirmed without brokering some deal with the UK FSA/E&Y.

IN Flight Transfers Being Returned to IOM

  • manksman
  • 01/11/08 31/05/09
  • not prepared to answer
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  • Wed, 05/11/2008 - 21:57

I wonder if this will really affect all inflight transfers, or if there is actually a cut off - if the transfer got so far it will continue if not it will come back. I would have expected this to be the case, but there again perhaps the sending bank has a right to stop payment up until the time it gets paid to the actual payee?
Returned transfers are bad news for those who hoped to have escaped the lockdown - not much comfort for them to know that if it does come back it goes into the pool to share out between everyone. This would be the reason for the Provisional liquidator to try and get them back.

returned funds

  • giveus backourfunds
  • 13/10/08 31/05/09
  • unspecified
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  • Wed, 05/11/2008 - 22:07

I am trying to understand about the funds being transferred back to IOM, am I right to assume that at the moment your account would have a zero balance but if it is being returned you then come under the umbrella for compensation as it will be back in your accout?

Just a question on that, does anyone know if the £150m is enough to pay out to all of us bearing in mind not all of us are due £50K and also when we think it will pay out ?

IN Flignt back to IoM

  • IanAbroad
  • 11/10/08 13/08/09
  • a depositor
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  • Wed, 05/11/2008 - 22:05

Unfortunately this will take a week or so to iron out as the bank isn't talking and we have to wait for the post.
I hope Lucky Jims predictions are right.