recent news

  • cathy
  • 10/10/08 10/10/09
  • a depositor
  • Offline
Posted: Fri, 24/10/2008 - 12:54

please could some one tell me briefly the latest hi court decision as I have been out and missed broadcast!!

many thanks.

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Folks, try the top tab called

  • go mann
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 14:05

Folks, try the top tab called "In the News" ... scroll down to Post 6.

Any news?

  • roman05
  • 24/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 14:01

We live in the USA and have only just heard about this collapse would you believe and we stand to lose 235,000 GBP. Feel totally helpless from this end of the pond.........................

Has the high court reached a decision because I cant get a clear answer on any internet sites?

IOM today report - full text

  • C_south_africa
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 14:08

A PETITION to wind up collapsed Kaupthing Singer & Friedlander (IoM) was adjourned in the High Court today.

Deputy Deemster Andrew Corlett adjourned the case for 28 days after hearing representations from government advocate Stephen Harding that putting the bank into liquidation would be 'premature' given top-level talks taking place in London today (FRI) between the Manx and UK authorities.

There was standing room only in court one for the hearing which was attended by a number of KSF depositors. There were no less than 10 advocates in the court.

The scale of the bank's financial crisis has been detailed in the joint petition presented to High Court by the KSF board and the Financial Supervision Commission.

Desperate depositors were withdrawing between £30 million and £40 million a day from their accounts in the days before the collapse of KSF (IoM).

Substantial assets and/or loan deposits totalling £557 million are owed to KSF (IoM) by the part of the Kaupthing business put into administration in the UK, the court heard.

The court was told that KSF (IoM) has £195 million on deposit with its parent Kaupthing Bank hf in Iceland.

KSF's advocate Peter Clucas the figures clearly showed the bank's reliance on assets held in London and Iceland in order to carry on as a going concern.

He said the company would not support an adjournment - but neither would it oppose one.

'From the bank's standpoint, nothing has changed. It's unable to pay its debts,' he said.

A new affidavit from the bank's managing director Aidan Doherty, read out in court by Mr Clucas, said the UK government gave no prior notice of its plan to put the bank's UK operation into administration.

He said that the board asked for the parent Kauphthing Ban hf to transfer sufficient funds - £300 million - for the bank to cover depositors' liabilities potentially due payment within the next eight days.

But the parent bank refused the request, explaining it was in default.

At 9.43pm on October 8, the board of directors formally resolved that KSF (IoM) was unable to pay its debts and they should now apply for the company to be wound up.

Mr Harding, representing the Treasury, said the Manx bank was caught up in events in the UK and Iceland through no fault of its own.

He said in view of the discussions taking place today between the UK Treasury, the Financial Services Authority, chief secretary Mary Williams, chief financial officer Mark Shimmin and FSC chief executive John Aspden, a winding up order would be 'premature'.

He said it was hoped the talks could result in assets held in London being released.

Jeremy Callin, representing the FSC. said the commission would not seek an adjournment but it had received a 'substantial number' of representations from depositors by letter, email and in person, the vast majority requesting a delay and would therefore not oppose such a move.

Seth Cain, for the liquidator, urged the deemster to consider the position of the bank staff who were facing uncertainty.

Other advocates were in court to represent depositors and creditors.

Richard Halsall said his client Leo Keith Hughes was in a slightly different position from other creditors in having a mortgage as well as a substantial deposit and was concerned that if the company was not wound up he would lose his right to have his loan set off against his savings.

Mr Halsall also argued the FSC should not be a joint petitioner as it was 'unnecessary duplication' which would lead to a great deal of legal fees being incurred which would reduce the pot available to creditors.

He added: 'There is certainly a climate of fear at the moment.'

Depositors Norman and Mary Roper, of Onchan, were also in court.

Mr Roper told the court: 'We would also support the delay if high level meetings are taking place.

'We would definitely wish to oppose the FSC being joint petitioner. A lot of people in the Isle of Man see the FSC as part of the problem and not the solution.'

Deputy Deemster Corlett adjourned the case to November 27 saying it was the overwhelming view that the court should do so.

He said if it became clear the talks were proving fruitless, the case could be relisted earlier.

If today's hearing had not been adjourned, KSF (IoM) would have formally been wound up and the government's depositors' compensation scheme would take effect, with up to £150 million of taxpayers' money potentially being called on to pay individual depositors up to £50,000 in compensation.

Tynwald was told this week the KSF (IoM) had just over 8,100 customers with deposits totalling £821 million.

The petition states that the directors of the bank are Andrew John Davies, Aidan Docherty, John Cashen OBE and Donald Gelling.

The full article contains 815 words and appears in n/a newspaper.

This is What Matters!

  • Mekong
  • 14/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 14:21

Jeremy Callin, representing the FSC. said the commission would not seek an adjournment but it had received a 'substantial number' of representations from depositors by letter, email and in person, the vast majority requesting a delay and would therefore not oppose such a move.

They are listening to us Lets keep it up Folks, we have won one battle but not the war!

ADJOURNED to 27/11

  • Lucky Jim
  • 13/10/08 31/05/09
  • not a depositor
  • Offline
  • Fri, 24/10/2008 - 13:22

Cathy -- I assume you are referring to the hearing in IOM on 24/10....

see link to IOM Today

  • steveflor
  • 17/10/08 31/05/09
  • a depositor
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lucky jim

  • cathy
  • 10/10/08 10/10/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 13:31

Yes, could not make live borad cast. I am in Australia, so time zone was a problem. Could you let me know what was said in brief? Thanks for your reply LUCKY

Cathy - try this

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
  • Online Now
  • Fri, 24/10/2008 - 13:49

from Lucky Jim (moderator) -- and this

What is going on? Any news on

  • Anonymous
  • Offline
  • Fri, 24/10/2008 - 13:49

What is going on? Any news on Liquidation?
Can't make any sense of this website.