TOMORROW IS D-DAY AND STILL NO WORD FROM SIMPSON

  • Anonymous
  • unspecified
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Posted: Wed, 26/11/2008 - 12:28

Why no update?
The silence from the provisional liquidator is deafening!
Depositors have the right to know what has been happening.
Depositors have the right to know what the current position is.
The matter goes to court tomorrow yet we are told nothing.
It is OUR money at stake, for heavens sake!

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OK guys, It's D- Day

  • cottesmore
  • 21/10/08 16/07/12
  • a depositor
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  • Wed, 26/11/2008 - 20:48

OK guys,
It's D- Day tomorrow. I, for one, will be praying for a miracle.I really hope, there is a magician with an enourmous hat and a, "large rabbit" inside of it.
We all, have had,differing opinions with regard to the various outcomes.Some of us have used the forum to, "let off steam." Some members have used the forum to, bicker and argue with each other.(I am sure that is related to, "let off steam.") Others have used the forum as a "crutch."A lot of members have made internet friends with fellow depositors.I guess some have thought it a waste of time.(but still look in on us!) We have so many differing personalities.We have a cross section of, young and old,rich and not rich,timid and shy,loud and possibly brash.You name it,we've got it.
But there is however, one overiding factor,WE ARE ALL IN THIS TOGETHER.
What ever happens tomorrow,can we at least remember, how much has been done in such a short time.I know that's not, "paying the bills." I know it did not, always give us answers.But what it has given is, HOPE.
With out that, i know, i could not have faced this.When i first heard about the start of this nightmare,i fell to my knees and sobbed.I felt it was all my fault,etc,etc.Over the last few weeks i have gained so much strength from your support.I can actually smile and laugh instead of bouts of crying.Some of you know i have tried to bring some humour to the forum via the odd joke or two.It's been MY way of dealing with this crap.Again,we are all different,we all deal with things in our own way.
Let's all think about those who have given so much to us all.I personally,want to say a big THANKYOU.
Regards and good luck to all,
Mark


scottr..update

  • mikeinfrance
  • 12/10/08 28/09/09
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  • Wed, 26/11/2008 - 20:21

I would suggest that this affidavit offers the best summary you will find of what may happen during the next few weeks.Note in particular para 12 (it may take a while to download):

http://www.ksfiomdepositors.org/sites/www.ksfiomdepositors.org/files/Sig...


I agree

  • heliton
  • 12/10/08 31/05/09
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  • Wed, 26/11/2008 - 20:44

This guy looks as if he knows what he´s talking about, and ALL DEPOSITORS should read his affidavit before taking any more advice from these "Ambalance chaser Lawyers" who are jumping on our misery bandwagon by asking for large up-front fees before even saying whether we have a chance to succeed or not - watch this space Mr. Michael Reed, Solicitor, Gibson & Co...


Mr Simpson is not the liquidator

  • IoM-neveragain
  • 12/10/08 30/03/10
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  • Wed, 26/11/2008 - 17:26

Mr Simpson has only been appointed as the PROVISIONAL liquidator.
Article 179 of the Companies Act, 1931, in the IoM includes:

179 Appointment, style, etc of liquidators in winding up
The following provisions with respect to liquidators shall have effect on a winding-up order being made-
(1) The official receiver shall by virtue of his office become the provisional liquidator and shall continue to act as such until he or another person becomes liquidator and is capable of acting as such:
(2) The official receiver shall summon separate meetings of the creditors and
contributories of the company for the purpose of determining whether or not an
application is to be made to the court for appointing a liquidator in the place of the
official receiver:

Artilce 178 identifes that the court can appoint a "fit person" as provisional liquidator in place of the Official Receiver.

So we have to be listened to - by the Official Receiver before Mr Simpson or anybody other than the Official receiver can be appointed as liquidator.


Liquidation Hearing Documents

  • formymum
  • 13/10/08 31/05/09
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  • Wed, 26/11/2008 - 18:29

With regards to Johnathan Smalley's blog entries of yesterday and today and the documents he has attached related to tomorrow's liquidation hearing - I'd be interested to have everyone's feedback - I'd link to it for ease of reference, but I'm not sure how, sorry....

Thanks
formymum


I've read them and other things "J. Smalley"

  • skintagainnow
  • 10/10/08 31/05/09
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  • Wed, 26/11/2008 - 18:53

I've read them and other things "J. Smalley" has offered on the site and at their "official" website.

don't know - personal or professional axe to grind - help the underdogs - looking for clients - just not sure.

I am concerned but not all that surprised at how PWC have duped the court (or appear to have) with respect to joint provisional liquidator, they should be brought to task over this issue and any additional fees incurred via the appointment to date negated with an additional monetary penalty imposed at the very least.

Perhaps a mission statement from J. Smalley could be provided so we all know to a degree what the "score" is, then it would be up to the individual to ignore or act upon any "thoughts" from this source.


I agree, at the very least Mr

  • expatfrance1
  • 15/10/08 31/05/09
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  • Wed, 26/11/2008 - 19:00

I agree, at the very least Mr Simpson should be censured for the inaccuracies in his sworn affidavit to the court. Hopefully someone will be in court to press the issue.

As J Smalley said, Mr Simpson had the opportunity to turn the work down if he felt he was not up to the job.


Simpson

  • heliton
  • 12/10/08 31/05/09
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  • Wed, 26/11/2008 - 20:26

Strikes me that we ought to make sure simpson does NOT get the appointment as liquidator, we to-gether represent the bulk of creditors of KFSIOM and its surely in our power to get someone in who will LOOK AFTER OUR INTERESTS instead of his own.... this guys dragging the whole thing out increasing his fee account by the day at our expense.
Had some experience of overturning Provisional liquidators appointed by the directors at other creditor meetings when UK Ltd companies have gone down owing me money, surely we could do the same here?


Liquidation Documents

  • formymum
  • 13/10/08 31/05/09
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  • Wed, 26/11/2008 - 18:33

The documents can also be found on the 3rd item down in 'News'


Fully agree

  • David9J
  • 10/10/08 31/05/09
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  • Wed, 26/11/2008 - 12:33

Scottr, I fully agree with your points. you have expressed the same level of concern and frustration which I just posted myself here (but you were much more succinct!):

http://chat.ksfiomdepositors.org/forum-topic/2nd-update-re-iom-legal-rep...


I'm blaming the IOM govt /

  • VeryWorried
  • 10/10/08 31/05/09
  • unspecified
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  • Wed, 26/11/2008 - 12:56

I'm blaming the IOM govt / FSC on this point.

I have absolutely no idea whats happening. No idea what to expect. No idea how to claim if it comes to that. Besides reading some other savers venting their anger here, I'm completely in the dark about everything.

This is a travesty of justice and we are being completely ignored


what's happening

  • mikeinfrance
  • 12/10/08 28/09/09
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  • Wed, 26/11/2008 - 20:14

Take a look at this affidavit.It gives the best summary of what may happen in the coming weeks that I have seen anywhere. Note in particular para. 12 (It will take a little while to download)

http://www.ksfiomdepositors.org/sites/www.ksfiomdepositors.org/files/Sig...


Tomorrow - Maybe some direction

  • Ally
  • 13/10/08 31/05/09
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  • Wed, 26/11/2008 - 23:32

Mike

This would tally with other information on the island.

It has been know for a while that the IoM govt had a restructuring expert on the island. Although we never saw any fact. That affidavit mentions Alix partners, that is who we guessed.

As for tomorrow it seems IoM government will make a play to delay the hearing and make an interim payment if that is agreed to. The big problem at the moment seems to be limited or no feedback from E&Y in London. With this lack of information at they cannot even guess at what the return will be from London. However they want to avoid a liquidation and so a fire sale of assets as really this will benefit no one except the person who buys the assets at a knock down price.

By tomorrow lunchtime we are could well have a lot more information than at any point in this sorry mess and we may at last have a direction as to where we are heading.


TOMORROW IS D_DAY...

  • German Mike
  • 13/10/08 31/05/09
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  • Wed, 26/11/2008 - 16:54

Is this not an area where our IoM legal representative can advise us?

What exactly is KSF IoM's legal status, for example. It has stopped trading, it owes us money, but technically I believe it is not 'in default' as the Court would describe it, and certainly the process of liquidation has not begun.

So, what on earth is Simpson's position legally? Who has appointed him, and for what purpose, and under what statute? Is the Company in administration?

I am bewildered by this appointment - perhaps those of a legal background can explain.

I cross everything for tomorrow, and wish everyone all the best.


German Mike

  • Ramsey resident
  • 22/10/08 31/05/09
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  • Wed, 26/11/2008 - 17:05

Simpson was appointed by the Manx High court after a petition by KSF and the IOM FSC jointly for liquidation as the bank was insolvent

As Liquidator Provisional his only duties are to preserve the assets of the bank, recover anything that can be recovered and make efforts to find a buyer for parts or all of the business

The bank is not in administration as it has ceased trading and had its banking licence withdrawn

Tomorrows hearing is to decide to go ahead with full liquidation or delay again if sufficient evidence of a rescue is presented. It is up to the Courts to decide


To Ramsey resident.

  • German Mike
  • 13/10/08 31/05/09
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  • Wed, 26/11/2008 - 17:42

Thank you, kind Sir - much obliged for the explanation.

The only thing I can't grasp is that if the bank is not being liquidated, and it is not in administration, in exactly what state is it? Apart from broke, that is. Are the Bank's directors not accountable in some way, and are they involved tomorrow?

Please ignore if I am asking daft questions.

Best wishes.


Hopefully a clarification

  • allyourbase
  • 12/10/08 31/05/09
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  • Wed, 26/11/2008 - 19:32

German Mike,

The bank is in "provisional liquidation". It was placed into this state by a court in the Isle of Man after the bank itself and the Financial Supervision Commission agreed that it didn't have sufficient liquidity to continue. Its banking license has also been withdrawn, so it can't currently act as a bank. The idea behind the provisional liquidation is that it gives Mike Simpson a chance to firstly accurately find out what the bank's position really is, and secondly try to find some way for the business to continue. It also prevents the bank's assets from the being taken by either Kaupthing hf in Iceland or anyone else (except the UK of course, but they got in first ;) ).

The bank's management are involved in tomorrow's proceedings as they're "joint petitioners". (IOM FSC is the other petitioner.) As for whether they can be held accountable, it seems that the main cause of the bank's collapse was freezing of KSF UK's assets by the UK government. And in any case, even if they were held accountable, what good will it do us? They certainly can't repay everyone from their own pocket.

If you haven't already read it, you might find the position paper interesting. It's a bit out of date now but still has some useful information in it.