Should I register with DCS?

  • rallison
  • 12/10/08 31/05/09
  • unspecified
  • Offline
Posted: Wed, 17/11/2010 - 00:56

I have recently noticed that the DCS has set a deadline of 27 November to register. Having been busy at work trying to provide over again for my retirement (!) I have fallen behind somewhat on information and I do not know whether it would be beneficial for me to register. I am still owed about 160k sterling from my KSFIoM deposit. I only have a few days to decide since I must mail my form from Singapore. Can anyone offer any informed advice about this? Thanks in advance.

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DCS registration

  • expatvictim
  • 10/10/08 01/11/10
  • a depositor
  • Offline
  • Wed, 17/11/2010 - 06:38

Rallison,

Somewhat echoing TonyB - Can't see that registering for the DCS makes any sense for you. By "still owed' , I presume that you have already received about that much back already (current returns are ~51%). If so, then you would not receive anything additional or sooner by registering with the DCS and would unnecssarily be assigning your rights to them as well.

The DCS protects up to the first 50k of a deposit (20k for bond holders). It only fully compensates depositors with less than 50k deposited. Depositors with above 50k may ultimately be partially compensated but that depends on their deposit amount and the actual return from liquidation. For a final predicted return of say 85%, then any original deposit between 50k and 59k will ultimately be partially protected. Timing of return of course is also a factor but as of now, anyone with an original deposit of ~98k or more will not see any improvement on the timing of their return by joining the DCS. With Gordon 45's estimate of 6p in the pound in December, that decreases to ~88k by years end.


DCS Registration

  • tonycBrisbaneOz
  • 12/10/08 31/05/13
  • a depositor
  • Offline
  • Wed, 17/11/2010 - 02:17

Hi,

Have you not received any money from the liquidation?

If you haven't it would seem to be pointless to me because I presume the liquidator would return approx 82K to you straight away once they've verified your'e a depositor (51.1% realised from the liquidation so far). Please please check this with the liquidator as I wouldn't want to be responsible for you not getting back what's due to you.

I'm receiving my money direct from the liquidator rather than via the DCS which usually takes a few weeks to distribute the money from the liquidator.

Regards, TonyC