Letter From Mike Simpson - re Transfer Requests

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
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Posted: Fri, 31/10/2008 - 14:36

Copy of letter from Mike Simpson, anyone else had one of these -

BTW - I'm not in Hoopers legal action - had no proof that I'd actioned a transfer, my transfer request went in sometime late on the evening of 8th October.

Now does this mean any transfer requests will be met if and when the bank goes into liquidation or that liquidators have manged to keep all the transfer requests still in IoM and will be used in general payout under the terms of any liquidation...

28 October 2008

Dear Mr ********

Account number: ********

I refer to your secure message of 09 October 2008.

On the 9 October 2008, the High Court of Justice of the Isle of Man made an Order appointing me as Liquidator Provisionly of Kauphing Singer & Friedlander (Isle of Man) Limited (KSFIOM" or "the Bank"), pending the hearing of a petition for the formal winding up of KSFIOM, which is due to be heard on 27 November 2008. In addition on 8 October 2008, the Isle of Man Financial Supervision Commission suspended KSFIOM's banking license.

I understand that you are seeking a transfer of funds from your account with KSFIOM. Unfortunately my appointment as Liquidator Provisioally has the effect of "freezing" customer accounts and as such it is not possible to process requests for a transfer of funds from your account.

Following the hearing on 27 November 2008, if a Liquidator is appointed, customers will be contacted with regard to the process for claiming monies owed to them.
In the meantime, we would refer you to the Bank's website at www.kaupthingsinger.co.im where we will seek to provide any updates on the situation.

If you have any queries, you may contact the Company on +44(0)1624 699222.

Yours faithfully

Alison Tomb
For Mike Simpson
Liquidator Provisionally of
Kaupthing Singer & Friedlander (Isle of Man) Limited

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letter from liquidator

  • banna
  • 15/10/08 01/03/10
  • a depositor
  • Offline
  • Fri, 31/10/2008 - 23:20

Got a letter today from 'Scott Bevan for Mike Simpson' referring to our fax request dated 6 October to withdraw monies. Still waiting for a letter about another fax of 7October sent by another member of our family of 3. Today's letter contained 2 sentences that surprised me "The petition for the formal winding up of KSFIOM is presented by the Bank and the FSC. As Liquidator Provisionally we are impartial to the petition and in no way able to influence its outcome."
Padding?


Its an accurate statement

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
  • Offline
  • Fri, 31/10/2008 - 23:34

Well the liquidator provisionally is "an officer of the court" and is appointed by the court to discharge the statutory functions in the Companies Act(s)


I'd be grateful to receive

  • go mann
  • 10/10/08 31/05/09
  • a depositor
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  • Fri, 31/10/2008 - 20:24

I'd be grateful to receive any replies from KSFIOM or anyone I've contacted.

Input = comprehensive.
Output = NIL

50% of funds assumed in-flight, as my CHAPS transfer mysteriously disappeared overnight 6/7 Oct from my 'pending transactions'.
50% of my funds are possibly in UK/Iceland/IOM/Abu Dhabi/Planet Zarg.

I'd be happy to even receive a 'holding response' ... I have heard nothing from anyone.


Letter regarding transfer request

  • Paul H
  • 13/10/08 31/05/09
  • a depositor
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  • Fri, 31/10/2008 - 18:22

I have also received one of these letters - It relates to a postal request for a BACS transfer from a former Derbyshire IOM account sent to KSFIOM on 6 October.


Your question

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 31/10/2008 - 18:09

Now does this mean any transfer requests will be met if and when the bank goes into liquidation or that liquidators have managed to keep all the transfer requests still in IoM and will be used in general payout under the terms of any liquidation...

It is the latter, I'm afraid - liquidation law dictates that.

The only potential alternative would have been to claim that because of your requests the money was in some form of trust arrangement (c.f. Hopper) and therefore 'ring-fenced' and not available to the liquidation process. Note that such a claim is based on an unclear area of law rather than something that is definitely the case!


re - letter from liquidator

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
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  • Fri, 31/10/2008 - 15:18

Afterthought, I attempted to make 2 transfers :-

the transfers were :-

1 x BACS - hit the wrong buttons in a rush to get it done
1 x Chaps - for the rest bar a couple of hundred


I too initiated a transfer on 8th October pm...

  • HopefulThree
  • 23/10/08 31/05/09
  • a depositor
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  • Fri, 31/10/2008 - 18:30

and was told by Hoppers legla representation that I probably didnt have a case. Does this mean we might have one? I have a copy of the transfer request, KSF supplied it to me last week