Statutory Interest in respect of EPS and/or DCS claimants

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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Posted: Wed, 15/08/2018 - 19:34

On 3 July 2018, an Application was made by the Liquidator to the IOM Court concerning the payment of interest in respect of depositors who claimed early payments under the EPS schemes and/or compensation under the DCS and who – in order to receive such payments - had to assign their rights in the liquidation to the DCS (or in the case of EPS to the Treasury – subsequently taken over by the DCS). The Liquidator is seeking directions from the Court to the effect that he should pay the statutory interest to which each such depositor is entitled to the DCS (who will then account for it to the depositor, as has been the case to date for ‘excess’ dividends).

On 1 August 2018, the Deemster ordered that notice of this Application should be placed on the KSFIOM website, together with Mike Simpson’s Witness Statement and the Skeleton Argument. These, together with the Court Order, are now available here: http://www.kaupthingsingers.co.im/2018/august/15august2018/

The Court Order sets out the timetable for the defendants (Treasury, DCS & any unsecured creditors who apply to the Court by 24 September) to file submissions and for the Liquidator to respond, and sets the date of the hearing for 30 October.

The Skeleton Argument sets out the relevant facts & arguments, particularly complex with respect to the status of those who claimed in EPS but not in DCS (presumably having been fully paid out by the former?).

In point 13 of the Witness Statement the Liquidator notes that should he be required to pay out directly to depositors who claimed in EPS but not in DCS ‘contrary to the procedure that I have adopted since 2009’, he would need to re-establish contact with 1681 such depositors by liaising with the DCS, ‘which would add considerably to the liquidation costs’. It seems to me that the same would apply to those depositors (over 6000 if I remember well) who did claim in the DCS (whether or not they had previously claimed EPS), from which I can only assume that he feels there is little doubt that these payments will in any case go to the DCS (though DCS claimants are included in the Application - see points 9-10 of the Statement).

Clearly, the other potential issue concerns how the DCS will deal with whatever payments they receive. While this is not the object of the current Application, points 16 & 17 of the Skeleton Argument draw attention to the DCS Regulations, which state that any amount received by the DCS ‘in excess of any amount equal to the Retained Sum shall be paid to the depositor’, where the ‘Retailed Sum’ is defined as the sum of the amount of compensation paid and ‘the cost of recovery’. To date, no recovery costs have been retained, with all amounts in excess of the compensation paid transferred in full to the depositor. But I suspect that the DCS (who will also be obliged to re-establish contact with over all those (<£50k) DCS claimants who were fully compensated back in 2009 – almost 5000 I believe) may now wish to change this policy and retain a part of the interest they receive. Whether the costs they will incur in distributing the interest to its claimants would count as costs of ‘recovery’ seems to me to be a moot point and may also require a ruling by the Court once the present issue is settled. Anyway, as I see it, we can only wait & see.

I have tried to summarise the main points that struck me on a first read-through of the documents. But I’m no legal expert and may have misunderstood. Some of you may have other thoughts. For what they may be worth, these are just mine.

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Bond holders

  • cottesmore
  • 21/10/08 16/07/12
  • a depositor
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  • Fri, 21/12/2018 - 17:14

Hi all,seasons greetings.
I’ve spoken to Friends Provident earlier this week and they are going to be liaising with liquidators on my behalf. They’re awaiting confirmation of interest payment calculation and have everything in readiness. I couldn’t believe I was still talking to the same guy from ten years ago!! I think we both went into early greyness following the collapse of KSFIOM.
I’ve decided to spend every bit of the interest as I never thought I’d see the day we got any!!
Have a great Xmas and a wonderful New Year.


Guidance needed

  • sunny1
  • 16/10/08 30/05/14
  • a depositor
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  • Fri, 14/12/2018 - 09:18

Thank you Anrigaut for your reply.

Deferred interest: your explanation accounts for the discrepancy I had found.

Statutory interest:
The Help Sheet states: ‘Statutory Interest will be calculated (at 4%) for the whole period from 9 October 2008 until the date of the final distribution … It is reasonable to estimate that Statutory Interest might be somewhere in the region of 1.5 p in the £.’

I therefore calculated 4% interest, on decreasing amounts of the sum in my account, between October 9 2008 and the final payment in December 2014.
Suppose this calculation gave a total of £27,000 interest over the years. 1.5 pence in the pound on twenty-seven thousand pounds gives a payout of £405.

Your version is much more welcome: 1.5% of the ‘agreed claim’, which I think is the original amount in the account on October 9 2008, would be something like £4,260.

Where have I gone wrong?

                    Gordon hasn’t posted recently.  Is he OK?

@sunny1

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Fri, 14/12/2018 - 18:15

I have no doubt my version is the correct one.

As noted in the Help Sheet, there will be between £15m & £20m available 'to share between a claim base of over £900m'. Of this, we know that the deferred interest amounts to about £3.6m, which will leave roughly £11m - £16m for statutory interest to be distributed pro rata, representing around 1.2-1.8% of total claims of £900m. Thus 'somewhere in the region of 1.5 p in the £' relates to our agreed claims.

This fits with the worked example provided in the Help Sheet for someone with an agreed claim of £1050 (amount already received) and deferred interest of £10. The DCS appear to understand or assume that the deferred interest will be added to the agreed claim before application of the p/£, but this remains to be confirmed (or not) by the Liquidator. It will not of course make a big difference one way or the other.

Hope that reassures you!

PS Heard from Gordon today - he is fine.


Interest payment

  • Esteban
  • 13/06/09 31/05/09
  • a depositor
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  • Sat, 15/12/2018 - 20:18

I would be grateful for some assistance.

I have read this thread and clicked on the link to DCS to try to get more information. All I get is
Access Denied
You are not authorized to access this page.

I have no idea why this is.

Reading the thread, it would seem someone called "downbutnotout" has posted something about a form which has to be downloaded, completed and passed to the liquidator to confirm current details. Again, I can't get access to this post as it's denied and I can find nothing relevant on the DCS website which only show the last update dated Oct.2014! and a note above saying access to the DCS database is now closed. Nothing about a form! But I see others have found and completed the form.

Obviously I want to complete this form if it's necessary but can't see how to do so, possibly because i can't access the relevant pages. Hence the request for assistance.

Regards


DCCS website link

  • anrigaut
  • 19/10/08 30/10/09
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  • Sun, 16/12/2018 - 14:47

Esteban,

The link to the form (as provided by Afam) is given on the main updated DCS page which provides helpful explanations (not accessible via the direct link to the form) which you should read before completing the form.

The address of the main DCS site changed a while back and (as included in my earlier post below) is now https://www.dcs.im/ (the old site you refer to is also there under 'Archive' in the top menu). I have now given the new link in the shout box.

If the updated link still takes you to the old site, try clearing your cache.

The glossary term 'DCS' does not include a link to the website and is simply an explanation of the term seen by floating the mouse over it.

Hope that helps,
anrigaut

PS This form is for the DCS, not the Liquidator, and concerns only depositors who claimed through the DCS and/or claimed EPS.


Interest Payment

  • Blades
  • 19/10/08 n/a (free)
  • a depositor
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  • Mon, 17/12/2018 - 14:22

Hello Anrigaut.

Many thanks as always for your guidance and notification of this latest development. Looking at the last sentence of your most recent posting:

"PS This form is for the DCS, not the Liquidator, and concerns only depositors who claimed through the DCS and/or claimed EPS."

Can I assume that if we did not claim through DCS then the interest owed to us will arrive in the same way that all previous monies have been paid back and we don't need to do anything to receive the interest owed to us?

Thanks again


@Blades

  • anrigaut
  • 19/10/08 30/10/09
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  • Mon, 17/12/2018 - 15:07

Hi,

To the best of my knowledge, those who claimed neither EPS nor DCS wil receive interest in the same way as they have received dividends until now without taking any further action. But this remains to be confirmed by the Liquidator when the final dividend is announced.


Interest Payment

  • Blades
  • 19/10/08 n/a (free)
  • a depositor
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  • Tue, 18/12/2018 - 09:17

Thanks so much for your thoughts and guidance.

Sincerely


Interest payment

  • Esteban
  • 13/06/09 31/05/09
  • a depositor
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  • Tue, 18/12/2018 - 13:37

Many thanks for the response to my recent request for assistance.

With the benefit of the information provided, I have now been able to read the relevant information and download the form. Some part of my previous difficulty seemed to stem from using Opera as my browser - clicking on links produced different responses when I switched to Firefox. Odd, but a lesson learned.

I cannot help but wonder if there are some claimants who will be unaware of the requirement to submit the confirmation form to the DCS and presumably will therefore miss out on the interest payment (I might well have been one). I also wonder what will happen to the monies to which they are entitled.

In closing, I would add general thanks to those who give of their time to keep those like me more or less up to speed with this ongoing Icelandic saga.

Merry Christmas to all.


Re interest payment

  • anrigaut
  • 19/10/08 30/10/09
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  • Thu, 20/12/2018 - 12:40

In reply to Esteban,

Yes, it seems very likely there will be a fair number of DCS claimants who will be unaware of the need to submit a form - notably among those who were fully paid out in 2009. To mitigate this as far as possible, we intend to email to all registered users of the DAG websites once the final dividend has been announced by the Liquidator. Meanwhile, if you know of anyone likely to miss out, please contact them.

As to what the DCS will do with any unclaimed monies, I don't know but imagine they will simply hold on to them to offset their (past & present) costs in administering the scheme. A cynic might think they'd be not too unhappy to do this ... no more comment!


Update re DCS payments

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Fri, 21/12/2018 - 20:11

I have received a reassuring response from the DCS Scheme Manager in reply to my queries in this matter. I understand the DCS notice posted on 11 Dec represents the first step in an ongoing process which is expected to evolve and that further updates and refinements to the process will be posted as & when posssible. The Scheme Manager is well aware that many depositors no longer follow events closely and will endeavour to minimise the number of those who miss out.


Interest payment

  • Esteban
  • 13/06/09 31/05/09
  • a depositor
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  • Fri, 21/12/2018 - 21:50

" the first step in an ongoing process which is expected to evolve and that further updates and refinements to the process will be posted as & when posssible". So presumably the DCS Scheme Manager was not aware until this month that this interest payment would have to be made which is why he/she has only just taken "the first step"!


@ Esteban

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Sat, 22/12/2018 - 08:52

I have to say I find your snide comment unecessary & unhelpful. I had tried to give the essence of what he told me in the course of two emails. For the record, the phrase he used to me was "We will seek to undertake a phased approach to the distribution ...". I can well understand that, after what appears to have been a long & arduous path to reach the welcome decision to pay the interest in full without retention (my earlier concerns on this point were clearly not groundless), they wish to keep down their costs in a difficult situation for them. To this end, it would make sense that they first seek to reach and deal with as many claimants as possible in the most cost-effective way.


Apology

  • Esteban
  • 13/06/09 31/05/09
  • a depositor
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  • Sat, 22/12/2018 - 17:13

It was not my intention to cause offence when I posted my previous comment, and I apologise if I have done so.

I did express my gratitude in a recent posting to those such as Anrigaut and Gordon who give time to keep such as I up to speed with events.

Doubtless the DCS scheme manager will proceed in accordance with the best interests of all interested parties.


To Anrigaut

  • Gordon 45
  • 22/10/08 n/a (free)
  • a depositor
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  • Sat, 22/12/2018 - 14:30

Hi there,

For what it is worth, you have been a life saver throughout this entire 10 year process. Your investigative determination linked to your knowledge and ability to get information that has been important to all of us has been an utter godsend. And I am sure has helped many of us stay calm. You have gone way beyond being helpful to ensure as far as possible that all of us know what to do to ensure we get all of what we are entitled to.

To see what others are now 'homing in on' and now causing you problems is an utter disgrace. Please take my advice. - for what is worth - and back off from getting involved any more in this debacle.

You are one person whom we should all totally respect. I know I will never be able to repay you for all you have given me, through the DAG - thank you so much.

Yours,

Gordon 45


Hi Gordon 45, Like many, I

  • ianw
  • 14/10/08 n/a (free)
  • unspecified
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  • Sat, 22/12/2018 - 15:23

Hi Gordon 45,

Like many, I too am very grateful for the dogged determination that you, Arrigaut and others have shown over the past 10 years. It's been a long process and no doubt frustrating for all of us - and sometimes this can unintendedly boil over. It's all too easy to press the button for an e-mail without fully thinking about how it may be received. Anyway, let's just be glad this process is nearing an end. The outcome is much better than for Landsbanki. Very sadly, greed and corruption are still firmly endemic within the financial community and there is still little if any real accountability to deal with those on a powerful drug called money.

With thanks again and best wishes for the Christmas season.

Ian


Final of saga in sight

  • Brabander
  • 15/10/08 31/05/09
  • unspecified
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  • Wed, 02/01/2019 - 19:59

I would like to wish all victims of the KSF IOM collapse a happy, peaceful and healthy new year.
Like Iain I am very grateful for the help and support extended by Arigaut, Gordon and others.
Let us hope that this distressing episode will now come to a final and satisfactory conclusion!
Thanks to all.


Interest Payments from DCS

  • D RAM
  • 13/10/08 01/08/14
  • unspecified
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  • Thu, 20/12/2018 - 15:32

I don't want to confuse matters, but is it the case that not all are creditors are registered users of the DAG websites ? If so, shouldn't the SL be asked (presumably by the Col?) to notify all creditors about interest entitlements from the DCS when he sends out his final payment advice ? And it is not just those that claimed under the DCS but also the EPS.

Merry Christmas and a Happy New Year to all.


@D RAM

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Thu, 20/12/2018 - 17:15

Obviously not all those concerned are registered with DAG. I have just emailed the DCS to ask that they use the latest contact details they have to notify DCS/EPS claimants. But no guarantee they will agree.
This is not something the Liquidator can do. The 'creditor' is the DCS.


To Anrigaut

  • D RAM
  • 13/10/08 01/08/14
  • unspecified
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  • Fri, 21/12/2018 - 01:42

I understand that payment is the responsibility of the DCS but I cannot see why the SL cannot provide a simple note to all creditors when he makes his final payments to them advising that they may be entitled to a further interest payment from the DCS who they should contact directly, not the SL. This would ensure maximum publicity to creditors who might otherwise miss out on entitlements from the DCS.


To D RAM

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Fri, 21/12/2018 - 09:58

"... I cannot see why the SL cannot provide a simple note to all creditors when he makes his final payments to them ..."

Maybe that's not exactly what you meant? The SL won't be making any payments to those who claimed in DCS/EPS. He can - and I imagine probably will - make such a statement on the website when he announces the final dividend, reinforcng the information already communicated following the recent Court ruling. But he almost certainly doesn't have contact details for all or most of those who did not claim directly in the liquidation. So this will still depend on the persons concerned checking the bank website.

I have now emailed Mike Simpson to alert him to our concerns and asked that he at least makes the situation of DCS/EPS claimants clear when he makes the announcement.


To Anrigaut

  • D RAM
  • 13/10/08 01/08/14
  • unspecified
  • Offline
  • Fri, 21/12/2018 - 15:55

Maybe I'm completely confused but I query your advice "The SL won't be making any payments to those who claimed in DCS/EPS".

I don't know about those who claimed under the DCS (I didn't) but surely the SL will be making payments to those who received GBP10,000 under the EPS as I did. In my case that amount represented a small proportion of my savings with KSFIOM.

Anyway, may I wish you a Merry Christmas and sincere thanks for all your endeavours on our behalf.


EPS claimants

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Fri, 21/12/2018 - 19:28

Hi D RAM,

You could be right, but on reading & re-reading the Court Order, I am now equally confused!

On the one hand it says the liquidator should pay interest 1) directly to "depositors who did not claim in the DCS or EPS" and 2) to the DCS for those who claimed in "the DCS and/or the EPS irrespective of ...". I had taken 2.3 to refer to those in your situation, but on re-reading it actually refers to those who claimed in the liquidation before EPS (which I thought was impossible as EPS long pre-dated the liquidation).

I have emailed Simpson to ask for clarification.

Merry Christmas to you too.


EPS claimants - confirmation

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Thu, 03/01/2019 - 13:22

D RAM,

I have now received confirmation from Mike Simpson that my understanding was correct: "... it is my intention to pay all final distribution monies due to creditors who have claimed either EPS or DCS to the DCS Scheme Administrator".

He has further confirmed that this indeed repesents a CHANGE in the procedure adopted until now under which creditors like yourself who claimed EPS but not DCS and who, for administrative reasons related to the timing of the claims process (with claims from the Treasury for EPS sometimes being admitted only after that by the depositor - hence the wording in 2.3 of the Court Order), have until now received dividends direct from the Liquidator.

It appears that "strictly all dividend payments to EPS claimants should have been paid to the DCS for onward payment to the claimants as the Isle of Man Treasury did assign to the DCS its right to prove in the liquidation of KSFIOM in respect of assignments made to it by depositors who claimed in the EPS" and that the Court has now agreed to "regularise that position".

I have asked that he make this change crystal clear when the final dividend is anounced.

Meanwhile, it looks as though you should send in the form to the DCS, who probably have no record of you.


EPS Claimants - Final Distribution

  • D RAM
  • 13/10/08 01/08/14
  • unspecified
  • Offline
  • Thu, 03/01/2019 - 15:36

Hi Anriguat,

Thanks so much for passing on the SL's advice on the final interest distribution although I'm mystified at the reasoning behind the arrangement as in my case the EPS payment represented a small percentage of my total savings with KSF(IOM) and I doubt I'm alone in this regard. Anyway I look forward to receiving payment from the DCS (I forwarded my Claim Form to the DCS a couple of weeks ago).

Thanks again for all your selfless efforts. Great stuff, and may I wish you a very Happy and Healthy New Year.

Douglas


Form

  • Afam
  • 02/02/09 28/05/13
  • a depositor
  • Offline

Payment of Final Dividend via the DCS

  • D RAM
  • 13/10/08 01/08/14
  • unspecified
  • Offline
  • Wed, 13/02/2019 - 10:02

As a claimant under the EPS I submitted my Claim Form to the DCS just after mid-December 2018 but have had no acknowledgement of its receipt by the DCS. Was it intended the DCS would issue such acknowledgements or not? If the latter, it would appear somewhat worrying given that there was a deadline for submission of the Claim Form and, unless I'm mistaken, the consequences to claimants of its non-receipt appear to be no final dividend !

Best regards,

D RAM


confused

  • sambururob
  • 10/10/08 n/a (free)
  • a depositor
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  • Wed, 13/02/2019 - 15:14

Wendy and I downloaded the forms and sent them by post in mid December and have received no notification of receipt. What is the email address which people have been using to register addresses? We just posted the forms.


The DCS email address is

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Wed, 13/02/2019 - 15:41

The DCS email address is dcs(?)kpmg [dot] co [dot] im

Note that forms can only be sent by email if there are no changes to your details already held by the DCS and you only need to confirm they are correct.
Any changes to your address or other details must be notified by post, together with relevent certified copies.


Many thanks Anrigaut.

  • sambururob
  • 10/10/08 n/a (free)
  • a depositor
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  • Wed, 13/02/2019 - 16:15

Many thanks Anrigaut.


Standard DCS reply

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Wed, 13/02/2019 - 10:34

I submitted my claim by letter & email on 14 Dec and - like Ian and at least one other person I know of - received a standard email reply on 17 Jan. I am sure you have nothing to worry about at this stage as (unless I've missed something) there is certainly no date limit at this time (would be surprising when the date of the dividend has not yet been fixed) - why do you say there was a deadline?. But I suggest you email them to ask for confirmation it was received.

Regards,
anrigaut


I received a standard e-mail

  • ianw
  • 14/10/08 n/a (free)
  • unspecified
  • Offline
  • Wed, 13/02/2019 - 10:05

I received a standard e-mail acknowledgement from the DCS on 17th January. Forms were submitted very soon after the initial request.

Ian


Payment of Final Dividend via the DCS

  • D RAM
  • 13/10/08 01/08/14
  • unspecified
  • Offline
  • Thu, 14/02/2019 - 13:08

Thanks to all who advised they'd received emailed acknowledgement from the DCS.

I did as suggested by some of you and emailed to the DCS earlier today and they've already responded acknowledging receipt of my Confirmatory Form.

Thanks again,

D RAM


@D RAM

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Thu, 14/02/2019 - 13:51

Good to hear that.

I point out however that the standard DCS email confirms only reception of the form. It does not say that it has been (as yet) accepted for the purpose of paying the final dividend.

I note your refer (perhaps inexactly?) to your 'Confirmatory Form'. As someone who did not claim in DCS, the DCS would almost certainly not hold any information for you to confirm and would therefore require the 'relevant certified copies' as outlined on their website. If that is indeed the case, they will no doubt contact you in due course. My understanding is that contact details held by the Liquidator will not be communicated to the DCS.


@ Anrigaut

  • D RAM
  • 13/10/08 01/08/14
  • unspecified
  • Offline
  • Thu, 14/02/2019 - 14:28

Your advice is well noted and understood.

Actually I referred the form for brevity as 'Confirmatory Form' because the DCS sheet about Frequently Asked Questions refers to it as 'Confirmation / Update of Address Form'

Thanks,

D RAM


Interest

  • sunny1
  • 16/10/08 30/05/14
  • a depositor
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  • Thu, 13/12/2018 - 09:03

I’m trying to use the notes on deferred and statutory interest to get a rough idea of interest payment. My calculations so far indicate, for the deferred interest, that the full interest amount, and not the capped 5%, was given to my account on Oct 9 2008. Which leaves only the statutory interest of 1.5 pence per interest-pound, a relatively (very) small amount.

I would welcome further explanations, from others on this site, to amplify the help-sheet.

For a new address, to which cheques will be sent, ‘an original proof of address will likely be accepted’. Such as a utility bill or bank statement. If not original, the new address has to be certified.

As yet we have no date: 'dependent on the date of the KSF final dividend'.


@sunny1

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Thu, 13/12/2018 - 10:20

Hi sunny1,

The ('uncapitalised') interest that was added to our final bank statements on 9 Dec 2008 was indeed the full amount and was not capped at that stage. The 5% cap came into play when the Liquidator assessed our claims. As a result, if your account was paying more than 5% interest, your agreed claim will have been for less than the amount on your bank statement. Unless there was some other reasons for part of a claim being rejected, the difference between the submitted & agreed claim corresponds to the deferred interest which is now payable in full.

Not sure what you mean by 'per interest-pound'. The DCS estimate the statutory interest will be between 1.5 & 2 p/£ - ie 1.5-2% of your agreed claim (augmented by the deferred interest where applicable). This agrees with my own estimate based on available funds.

Hope that helps.


Important update from DCS

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Wed, 12/12/2018 - 13:54

Well, well! It seems my worst fears re the DCS have NOT come to pass (or am I missing something?).

As announced on the dcs site today:
“The Scheme Manager of the DCS will distribute all Surplus Interest it receives from KSF (being the final dividend from KSF) to the relevant DCS & EPS claimants, without retaining any amounts that may have been due to it, and without charging any administration fee against claimants.”

Full details & useful explanations here: https://www.dcs.im/

Note that in order to receive payment those concerned need to complete & return a form confirming or updating your address.

Thanks to downbutnotout for the heads up!


Update 're dps

  • Yoda
  • 21/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 13/12/2018 - 07:17

Well, that sounds good news! Maybe we really are close to the end. But does it really mean that we all have to apply and update our details? That seems a little crazy

Thanks as always to everyone's invaluable help and updates. Happy Christmas one and all x


applications to DCS

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Thu, 13/12/2018 - 11:57

Hi Yoda,

Yes, that is clearly what it says. I agree it seems 'a little crazy', but maybe it makes sense for the (majority) of DCS claimants (those with under £50k) who were fully compensated over 9 years ago and for whom maybe the DCS did not retain details. I don't know.

The form we have to complete is not 100% clear at first sight. But on closer inspection it becomes clear (to me at least!) that while all EPS/DCS claimants have to send in this form, a certified proof of address is required ONLY if your current address is different from that currently registered with the DCS/EPS and entered by you in the first part of the form. Otherwise, you just need to tick the relevant box in part (2) and sign & date the form.

As long as I get my interest in full I'm prepared to put up with this minor inconvenience (including getting a cheque I will then have to post back to my current IOM bank!). However, I can forsee potential difficulties ahead for anyone with no UK bank account. Rules no doubt differ between countries, but it appears (from a quick google) that depositing a sterling cheque in a French bank would be charged at between 0.1% & 1% with a minimum charge of at least 14 euros and possibly quite long delay. I have just written to the DCS on this point.


Completed and returned my

  • Yoda
  • 21/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 13/12/2018 - 22:36

Completed and returned my form! It feels fairly constructive to do something positive! So many years of inactivity, just looking forward to the end of this horribly messy saga.


Typical!

  • dans le merde
  • 14/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 13/12/2018 - 13:44

We have just sold up in France and moving back to the uk,and we are going to have a period of time when we will have no official address.....have emailed them but no response as yet.
Does anyone have a clue on the timing??


Claim Form

  • Afam
  • 02/02/09 28/05/13
  • a depositor
  • Offline
  • Thu, 13/12/2018 - 12:10

I would agree that the form is far from clear but I have interpreted the requirements the same as yourself i.e. certification is only required 'if' there is a change of address. I hope this was the intent!

Many thanks for you years of 'interpreting' the masses of information.


Thank you

  • sunny1
  • 16/10/08 30/05/14
  • a depositor
  • Offline
  • Mon, 19/11/2018 - 19:06

Good news. Many thanks Anrigaut, as always.


Court ruling

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Sat, 17/11/2018 - 15:49

Just to confirm that the Court essentially ruled in favour of the Liquidator's request. The Court Order is posted on the bank website http://www.kaupthingsingers.co.im/2018/november/13november2018/

Remains to be seen what the DCS will do with the interest they receive. I'll be keeping a watchful eye!


Thanks Anrigaut. Seemingly

  • sambururob
  • 10/10/08 n/a (free)
  • a depositor
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  • Wed, 21/11/2018 - 15:58

Thanks Anrigaut. Seemingly good news.
Rob and Wendy


Court Ruling

  • Blades
  • 19/10/08 n/a (free)
  • a depositor
  • Offline
  • Mon, 19/11/2018 - 15:58

Thanks as always Anrigaut for keeping a watchful eye on things.


Timeline for Payment of Deferred and Statutory Interest

  • D RAM
  • 13/10/08 01/08/14
  • unspecified
  • Offline
  • Mon, 19/11/2018 - 14:56

Great news we've finally got the court ruling but it would also be helpful if the SL could give a bit closer estimate for payment than ".... as soon as possible..." Does he estimate weeks, months, this year or ?


@D RAM

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Mon, 19/11/2018 - 15:28

My understanding (such as it is) is that he really does mean soon - ie this year. But we can only wait & see, hoping for something before Christmas.


@Anrigaut

  • D RAM
  • 13/10/08 01/08/14
  • unspecified
  • Offline
  • Tue, 20/11/2018 - 13:29

Thanks for your hopeful advice.