report on winding-up hearing

  • Anonymous
  • unspecified
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Posted: Thu, 28/05/2009 - 23:47

This is the most complete report I have seen and recommend everyone to read it:

http://www.manxherald.com/index.php/business/534.html

Readers might want to note IoMT's apparent reluctance (and pretended surprise at being asked) to pay DAG's costs, and consider whether IoMT will be taking the same view of the much larger sum of money (I ould gess well over £1m) that will be charged by PWC and its lawyers to our bank (and therefore not distributed to cerditors in the liquidation) in respect of all the work done by Simpson and his friends preparing for amd promoting the SoA and holding the vote on it. In this respect, readers may also note how PWC's lawyers sided with IoMT over the issue of costs, which is strange because the liquidator is supposed to be acting on behalf oof creditors.

I would be interested in reading comments from depositors on whether PWC should be confirmed as liquidators.

Finally, I would remind any depositors who have been fiully settled under the EPSs that they will remain creditors in respect of the interest that should have accrued to them from October 2008 until the date that the court made the winding up order (27 May 2009), which is almost 8 months, and so they should make sure that they put in claims in the liquidation and possibly also under the DCS

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Different Liquidator needed

  • drglowry
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 29/05/2009 - 08:02

Based on his performance to date, I would not choose Mr Simpson and PWC as Liquidator. IMHO he has not shown by his behaviour that he has acted in the best interests of DEPOSITORS. The ineptitude with which the voting was handled and the degree to which he seems to support IOMG has led me to believe that he is their man. We need a liquidator who has a good track record of working for the good of creditors, in recovering assets quickly, and keeping creditors informed. Nothing in Mr Simpson's performance as LP has shown much in any of these areas. We need a Liquidator who is working for us.


Costs award

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
  • Offline
  • Fri, 29/05/2009 - 07:47

The report is quite accurate, but I think in respect of the costs I think that the matter is not reported entirely accurately/neutrally. What was actually said is that it could be that there are no matters in the cost application which concern the LP, but he would like an opportunity to respond to the submission on costs, although there is a possibility that he may not need to, the position of the FSC was similar.

I did get the impression in Court that the deemster had made a decision which he wanted to hand down (immediately) on costs after reviewing the DAG submission. He did state also that he thought that the matters of law raised in the DAG cost application were straightforward in law.

As I am sure people now, whilst there are always opportunities for the review of decisions by higher courts, there are (usually) very limited grounds to review costs awards and this is an area where there is great discretion given to Deemsters/Judges.s.


Why were PWC appointed in the first place?

  • Ashoker
  • 12/10/08 31/05/09
  • not prepared to answer
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  • Fri, 29/05/2009 - 07:25

An interesting question as far as I am concerned.Could it be that I am being overly suspicious and cynical? I wonder why!!!!

In my profession, contracts are normally put out to tender and the best offer wins. Is this what happened here?


see (hear) comments by Chief Minister on rejection of SoA

  • Anonymous
  • Offline
  • Fri, 29/05/2009 - 00:19

http://www.manxradio.com/newsread.aspx?id=36079

Strangely his photo (see link above) does not show any egg on his face.


not a very eloquent

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
  • Offline
  • Fri, 29/05/2009 - 00:41

not a very eloquent commentary on the matter at all


Mr Brown:: "Non, je ne regrette rien".

  • follow_the_tao
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 29/05/2009 - 05:15

Ah, Mr Brown, a music clip for you. I notice that in your photo in the press even when you try to smile your lips resemble a scowl.
http://www.youtube.com/watch?v=kFRuLFR91e4
Well others do. Whilst I sympathise with Edith Piaf's statement I find I have no quarter with yours. I think that is because Edith Piaf's song was about not living her live in denial, yours.........
We'll see.