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Court Approves Liquidation Of KSF IOM,
by Amanda Banks, Tax-News.com, London
Thursday, June 04, 2009
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the Banking Act 1998, has now been revoked with effect from May 29, 2009 following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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