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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