Kaupthing Singer Friedlander IOM Adjournment

Kaupthing Singer Friedlander IOM Adjournment

The Isle of Man Court has decided to adjourn the decision on a Scheme of Arrangement or winding up of Kaupthing Singer & Friedlander for the the Depositor’s Compensation Scheme (DCS) to come into play.  

An Action Group for savers, has said they are ‘devastated’ at the decision as they believe time is moving on and no compensation payments have been made.

The Court believes that giving the IOM Treasury time to come up with a Scheme of Arrangements may mean that more smaller depositors receive security for when they receive payments earlier and on a more regular basis for larger depositors than would be offered by the DCS.

The Action Group, led by larger depositors such as insurance companies, investment companies and councils disagree.  nBut you would expect them to anyway as they are regrettably going to take much longer to receive compensation, if any and would rather wind up, seize Kaupthing assets and claim centralised compensation.

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