It seems that the liquidation process has been delayed until November 27th 2008 to enable further discussions at the political level to try and resolve the KSF situation. This it seems is what the KSF depositors action group wanted and has been granted by the Tynwald and FSC.
Expat13
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Liquidation hearing
I received a letter dated 29.10 from the Liquidator Provisionally
'confirming the hearing on 27 November, if a Liquidator is appointed, customers will be contacted with regard to the process for claiming monies owed to them.
The Isle of Man has provision within its legislation in respect of a Depositors' Compensation Scheme but we understand from the Financial Supervision Commission that this has not yet ben triggered in respect of KSFIOM.
The Scheme would not be administered either by a Liquidator Provisionally or by a Liquidator (if one is appointed in due course) and is not a matter for them. Any further queries regarding how such a Scheme might operation can be found on the Isle of Man Financial Supervision Commission website at www.fsc.gov.im'
Wonder what the FSC were doing by way of supervision!!
B