KSF IOM Hearing on 24th Oct -- to attend...

  • neilbkk
  • 10/10/08 08/06/09
  • a depositor
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Posted: Tue, 21/10/2008 - 12:55

Any person who intends to appear on the hearing of the said petition must
serve on or send by post to the above named Advocate for the Petitioner,
notice in writing of his intention so to do. The notice must state the name and
address of the person, or, if a firm, the name and address of the firm, and must
be signed by the person or firm, or his or their Advocate (if any), and must be
served or, if posted, must be sent by post in sufficient time to reach the above
named

..............no later than 6 o’clock in the afternoon of the 23rd day of October 2008.

Expat are you going along?? Anyone else??

Apologies if this is posted elsewhere but is from http://www.fsc.gov.im/lib/docs/fsc/PressReleases/advertisednotice.pdf

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i cannot confirm this, maybe

  • expat
  • 10/10/08 31/05/09
  • unspecified
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  • Thu, 23/10/2008 - 10:10

i cannot confirm this, maybe somebody with better info can, but whispers are beginng to reach me that there may be an adjournment tomorrow, if anyone has better than whispers can they post please


Hearing on 24th - Suggested Action Points

  • DXB
  • 12/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 04:01

A bulletin by Jonathan Smalley (partner of Stuart Smalley & Co, a Manx lawfirm) was posted on this site sometime yesterday. (A copy of it is available at their website: http://www.law-man.com/) I read it and found it helpful, and rang Jon for a chat yesterday afternoon.

Regrettably, I can't be present at the court hearing on 24 Oct, but Jon had some suggestions as to what we as a group of creditors might want to achieve. These are summarised below for those thinking of attending:

  1. We should remind PwC and the Court that the process is ultimately about us - the creditors. We can provide a strong visual reminder by turning up in force. We can also call the shots through a well-appointed creditors' committee, and should start thinking now about who we would like on the committee.

  2. As I understand it, the following options are open to us:
    (i) We can elect to let KSFIOM continue trading (not a viable option as the bank is probably now insolvent, even if it wasn't on 8 Oct).
    (ii) We can liquidate KSFIOM (not a lot of appetite for this, as I well appreciate - but it is an option).
    (iii) We can continue with the provisional liquidation of KSFIOM (although I believe this is a bit of a 'limbo' state, as PwC can't begin to realise assets).

  3. We should clarify whether the FSC, as a joint petitioner, intend to recover costs in the proceedings (there are grounds for arguing that they shouldn't).

  4. If the decision is taken to proceed with a liquidation, we need to ensure that:
    (i) PwC are appointed as Provisional Liquidators, and not as Official Receivers (that way the cost of posting security will be borne by them, not by creditors).
    (ii) PwC as Provisional Liquidator does not have 'general sanction' to exercise powers under the Manx Companies Act (that way they will have to keep reporting back to the creditors' committee and taking instructions from the committee, giving us a lot more control over the process).

Quite a lot of sensible advice there, I think!

For those who are interested, Jon has also asked for the disclosure of various court papers to date, which are available on the FSC website.


Can we still get money back from UK if wound up

  • chd
  • 13/10/08 30/09/09
  • a depositor
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  • Wed, 22/10/2008 - 23:15

My questions is if KSF is wound up, are our chances of getting our money back from UK or Iceland as good as if it isn't wound up? To me, the idea of "winding up" is that KSF doesn't exist anymore, so we'll just forget about them. Our money will be wound up with the winding up.

If it's in our best interest to have it wound up, why have we all been e-mailing FSC to do just the opposite? Bit confused here.


Just bear in mind

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 21:44

(Corrected) Just bear in mind there has been heated discussion elsewhere on this forum as to whether this bulletin is intended to be genuinely helpful or to promote non-postponement (i.e. arguing that it should be wound-up on Friday) for other reasons.
All I'm saying is, don't take it as a "bible" of what should be done, take it in the context of many other arguments and make up your own mind.


postponement?

  • Anonymous
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  • Wed, 22/10/2008 - 21:45

I have come out of retirement only to point out that the "bulletin" does not promote postponement. If you read it you will find that it recommends quite the opposite.


Apologies, it was just a typo

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 21:51

Apologies, it was just a typo due to tiredness. Have corrected the above post. Thanks.


Smalley has no rights of

  • laughingcavalier
  • 22/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 21:18

Smalley has no rights of audience in the manx courts neither has Gregg Latchams WRH. The simple fact of the matter is that you need a manx advocate to represent you on the 24th.

The provisional liquidator or indeed the fsc may take notice of your requests but again they may not. The decision will be made by the deemster hearing the motion and only those that have permission to appear in front of him will be heard. Your requests will not be before the court only before the people trying to wrap up the liquidation.

Forget about the provisional liquidator and the fsc you have the right to be heard regardless of their submissions. You should have your own submissions ready forget being nice to them and maybe they will rethink their position you are deluding yourselves. They are yet to commit themselves and wont do untill the last moment and then they will liquidate end of story.

I cannot stress enough the fact that you need your own representaion to oppose this motion whatever the fsc or simpson want to do. Who cares what they want what do you want?

Steveservaes should get his act together and tell you what needs done and quickly.


[deleted]

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 23:31

[deleted]


I don't think this comment is

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
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  • Wed, 22/10/2008 - 22:09

I don't think this comment is correct. If you are are representing yourself (i.e. not acting for another) then you can appear in person as far as I understand it


Litigant in person

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 23:34

Yes, you can appear in person.


Audience in Manx Court.

  • mikepapa
  • 10/10/08 n/a (free)
  • a depositor
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  • Wed, 22/10/2008 - 21:36

I understand that Gregg Latchams WRH have a Lawyer that is registed in the IoM and is therefore an officier of the court.
I further understand that the Lawyer intends to be at the hearing on behalf of GLWRH - Hopper legal action.


Meeting on Oct 24th - Notice to attend required

  • rapata
  • 13/10/08 03/08/09
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  • Tue, 21/10/2008 - 21:22

Regarding the instructions on giving prior notice to attend the hearing - can you make this more visible to everyone, maybe through one of the banner headlines so that those who are abe to attend don't miss the opportunity because of 'red tape".


I will be there ...

  • Elpasout
  • 10/10/08 31/08/09
  • a depositor
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  • Tue, 21/10/2008 - 14:27

...almost certainly with Steve and Dave Braddan
Paul


you need to apply by post to be allowed to attend the hearing!!

  • neilbkk
  • 10/10/08 08/06/09
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  • Tue, 21/10/2008 - 14:32

see my first post...if you have not applied to attend they wont let you in to the hearing. Sorry if you have already.


I will be serving notice in person...

  • Elpasout
  • 10/10/08 31/08/09
  • a depositor
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  • Tue, 21/10/2008 - 14:51

I am still in Douglas :-)


Court October 24, 2008

  • jonathansmalley
  • 18/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 22:53

Any creditor can speak in court on Friday provided they have served the necessary notice by 6.00pm tomorrow on Seth Caine or Jonathan Wilde. Seth Caine and Jonathan Wilde have agreed they will accept service of the notice by e-mail.

A copy of the notice you need to serve is on my web-site (www.law-man.com) - go to News and it is in Liquidation Bulletin No. 1. Seth Caine and Jonathan Wilde's e-mail addresses are in the Liquidation Bulletin No 1.

If yo serve notice by e-mail they have asked that you send them a copy in the post (they have accpeted that this maya rrive after tomorrow).

I am not representing anyone. I am conflicted.

I am trying to put information in the public domain, so that creditors have equality of arms. You are free to use this or not, the choice is yours.

Good luck to all of you