Kaupthing Singer and Friedlander (IoM) put into liquidation

COLLAPSED bank Kaupthing Singer & Friedlander (IoM) has been put into liquidation.
In the High Court today, Deputy Deemster Andrew Corlett granted a winding up order on the grounds that the bank is unable to pay its debts as they fall due.

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Joint provisional liquidator Mike Simpson, of PricewaterhouseCoopers, who is now deemed official receiver, said KSF (IoM) cash recovered so far totalled some £160 million and creditors could expect an initial dividend of 14.5 per cent.

The bank collapsed on October 8 last year, leaving thousands of depositors owed more than £840 million.