The Isle of Man government announced last week that it had revoked the license of Kaupthing Singer And Friedlander and approved the liquidation of the bank.
In a statement on May 29, the Isle of Man government noted that the licence of Kaupthing Singer & Friedlander (Isle of Man) Limited, which was originally licensed under the Banking Act 1998, has now been revoked with effect from May 29, 2009 following its suspension on October 9, 2008.
A deposit taking licence under the Financial Services Act 2008 has been issued to Michael Simpson and Peter Spratt as joint provisional liquidators and joint deemed official receivers of Kaupthing Singer & Friedlander (Isle of Man) Limited with immediate effect.
A court hearing on May 27, 2009, granted a winding up order on the grounds that Kaupthing Singer & Friedlander (Isle of Man) Limited was unable to pay its debts as they fall due.
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