The Isle of Man government has submitted its evidence to the High Court in Douglas, ahead of a forthcoming application, on April 9, for directions to convene a meeting of creditors to vote upon the proposed Scheme of Arrangement (SOA) for Kaupthing Singer & Friedlander Isle of Man (KSFIOM) depositors.
The winding up proceedings against KSFIOM were adjourned on February 18 until April 9 to provide time for the details of the proposed SOA to be prepared and submitted to court.
If approved, the treasury believes that the SOA has the potential to pay out over 50% of depositors in full within three months and over 70% of depositors in full within 24 months.
Treasury Minister Allan Bell commented:
“We have worked tirelessly to develop this bespoke scheme of Arrangement in full so that we can get the best possible results for depositors as there is no alternative that can offer depositors the same certainty and expediency of payments.”
“The Government committed a further GBP30m on March 17, on top of the GBP150 million already committed to the scheme, to ensure that depositors can be assured of what they will receive and by when from the scheme.”
Bell added:
“We hope the court and depositors agree to progress with the Scheme of Arrangement as it's a way to deliver speedier and potentially higher returns for depositors and giving them greater certainty. If this is rejected, the government will respect the depositors’ wishes and support the only option left available; the triggering of the Depositors Compensation Scheme and the liquidation of Kaupthing Singer & Friedlander Isle of Man.”
“Whilst the Government is not responsible for the collapse of KSFIOM, we feel it only appropriate that we try to assist those affected, which is why we have developed this alternative option for creditors.”
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