To those still awaiting the final payment

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
  • Offline
Posted: Thu, 20/08/2020 - 09:47

A number of depositors who have not yet received the final distribution declared by the Liquidator on 24 March and do not understand why have contacted me to ask what they should do.

For anyone with similar concerns, it is essential to establish with certainty from whom you should receive this final payment. As has been explained here several times, this depends on whether or not you ever applied for one or both of the early payments back in 2008/9 (EPS) and/or in the compensation scheme (DCS).

Only if you never claimed in either of these schemes (and had an agreed claim directly in the Liquidation) were you due to be paid directly by the Liquidator. All other payments were to be made via the DCS (including for those who claimed EPS but not DCS and who have until now received dividends directly). If you are uncertain to which of these categories you belong, you should contact the Liquidator’s team at iom_ksf(?)pwc [dot] com to request confirmation of your status (but see also next paragraph). Once that is known, you have two options:

If you were due to be paid directly by the Liquidator, you should normally have received payment automatically as for previous dividends. No action was required on your part UNLESS your contact details or bank account had changed since receiving the last dividend, in which case you should have informed them. So you need to check the details they have for you are correct and if so ask what happened to your payment. However, as the liquidation is now drawing to a close, unclaimed dividend payments will soon be paid to the IOM Court and you may then need to contact the IOM government – see point 3.3 in the Final Report to Creditors: https://kaupthingsingers.co.im/updates/

If you were/are due to be paid by the DCS, the situation is somewhat more complicated. The DCS remains open and continues to process claims, with a 3rd round of payments to those who submitted forms between 1 June & 31 August 2020 due around the end of September: https://www.dcs.im/
Payment by the DCS requires that you complete & return the form provided on the DCS website, together with any required documents if your contact details have changed since your last contact with them. Without this, nothing will happen! The form remains available, but to be included in the next round you need to act quickly. However, if you are sure you sent this form some time ago but have heard nothing more, you can email them: dcs(?)kpmg [dot] co [dot] im

I hope this may be of help to those who remain confused!

All the best,
anrigaut

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News from Liquidator

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
  • Offline
  • Thu, 27/08/2020 - 12:31

Following my post at the head of this thread, I contacted Mike Simpson for guidance over how depositors could seek help once remaining money has been paid into Court and the liquidation wound up. His response was thus:

"We will still have our claims database for another six years and so we will be able to assist depositors. Where money has been paid into Court, we have submitted copies of the Proofs of Debt and have retained the originals, which should make it easier for any depositors who reestablish contact. "


News from DCS re requests for bank transfers

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
  • Offline
  • Fri, 21/08/2020 - 10:17

In response to an email to my DCS contact in support of depositors in distant places affected by severe postal delays due to Covid, I have just been informed thus:

"... there are a number of people who have received cheques and now wish to have a bank transfer and we will be looking into these in September as a batch of payments ...".

So a ray of hope for those of you in this position. If you have not yet made such a request to the DCS and wish to do so, now is the moment! dcs(?)kpmg [dot] co [dot] im