More than half KSF depositors could get all money back by summer

Posted 30/01/2009 - 02:17 by Hoping and coping

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2009-01-29 16

MORE than half of the Island's collapsed Kaupthing depositors would get all their money back by the summer under proposals outlined in the High Court today.

But Deputy Deemster Andrew Corlett expressed misgivings with the so-called 'scheme of arrangement' that was proposed as an alternative to a liquidation of the bank.

He said there were 'fundamental issues' that needed to be addressed as a 'matter of urgency' and if these could not be resolved it 'may be as well to press on with the well-trodden path of liquidation rather than prolonging matters' with a 'scheme that may well not work'.

He agreed to adjourn the winding up petition for a further 21 days until February 19 - a third of the time requested by the Treasury - to 'bring the issue to a head'.