Kaupthing Singer Friendlander Isle of Man Liquidation

Kaupthing Singer Friendlander Isle of Man Liquidation

The Isle of Man High Court has finally decided to put Kaupthing Singer & Friedlander into liquidation following intense lobbying from moth action groups who wanted the liquidation and those who wished the company to stay trading, albeit in the hand of a receiver with a Scheme of Arrangements to dispose of assets and pay creditors.

This is all to do with compensation claims and payments.

Many larger organisations such as corporate investors wanted liquidation so that the official receiver could liquidate all assets and distribute all assets to all creditors now.  This includes many account holders via their offshore insurance bonds.  In addition, by placing the company in liquidation, the official Isle of Man Deposit Compensation Scheme comes into force with a £50,000 compensation limit.

This is very different to perhaps what the Manx government wanted, where they preferred trying to develop a complex Scheme of Arrangements, where a wind up of Kaupthing Singer & Friedlander IOM would have taken much longer and put less strain on Government resources.

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