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Isle Of Man Government Presents Evidence For KSF IOM Winding Up,
by Jason Gorringe, Tax-News.com, London
Friday, April 10, 2009
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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