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IOM Treasury Issues Reminder Regarding Kaupthing Early Payment Scheme,
by Jason Gorringe, Tax-News.com, London
Thursday, April 23, 2009
The Isle of Man Treasury on April 22 released a statement giving advanced notice
that the last date for eligible depositors to make an application to the Kaupthing
Singer and Friedlander (Isle of Man) Limited Early Payment (No. 2) Scheme
will be May 22, 2009.
The Early Payment Scheme was originally approved by the Isle of Man’s
parliament (the Tynwald) in January 2009 and enabled eligible depositors of
KSF IOM to apply for an early payment of up to GBP1,000 from the treasury. Tynwald
subsequently approved an enhancement to the EPS in February, so that the amount
of the early payment was increased to a maximum of GBP10,000.
The IOM Treasury has now paid out around GBP44m and will continue to
make payments until June 19, 2009 in respect of eligible applications received
on or before May 22, 2009.
The wind down and closure of the Early Payment Scheme has been planned to enable
an orderly handover to either the Scheme of Arrangement or KSF’s liquidation.
The results of the creditors’ voting will be considered on May 19, 2009.
The creditors’ voting on the Scheme of Arrangement will be considered
by the High Court on May 27, 2009, if creditors approve the Scheme of Arrangement.
If the court sanctions it is proposed that the Scheme of Arrangement will be
implemented the following day. However, if creditors vote against the Scheme
of Arrangement, it is expected that the bank will be put into liquidation around
May 20, 2009, or as soon as practically possible: if this happens the Depositors
Compensation Scheme will be activated.
If the Scheme of Arrangement is approved by creditors and sanctioned by the
High Court it is currently expected that the first distribution would be paid
out around the end-July 2009.
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