Further to the previous update regarding the creditors meeting
convened by the Administrators of Kaupthing Singer &
Friedlander Limited ("Kaupthing UK"), I have now received the
Administrators' formal report on the outcome of the meeting which
can be accessed by clicking here.
A number of depositors have questioned the constitution of the
Creditors Committee which was elected at the creditors meeting. The
formal report sets out the voting results at Appendix A. I put forward
KSFIOM for membership of the Committee however from the split of
voting you can see that there were insufficient votes cast in the
The Statement of Affairs of
The proposals circulated to creditors did not contain a copy of
the Directors' Statement of Affairs. The report on the meeting
includes a copy of the Kaupthing UK Statement of Affairs on the
back page of the report at Appendix B.
I draw your attention to the notes set out at the foot of the
Directors' Statement of Affairs.
I must stress the assets and liabilities shown on the Statement
of Affairs reflect the book values only and do not represent the
realisable values. I have no information on the realisable values
and they may be significantly lower than the book values shown.
Until I am able to obtain reliable information on the realisable
values and the likely distribution from the Administrators, it will
not be possible for me to provide you with a meaningful indication
of the ultimate distribution to creditors of KSFIOM.
I confirm that KSFIOM lodged an indicative claim of £600 million
against Kaupthing UK solely for the purposes of voting at the
creditors meeting. We are continuing to work on reconciling the
inter company position so that a formal claim can be lodged in the
Administration of Kaupthing UK.
Edge and online
As stated last week work continues on the restoration of Edge
and online accounts in a "READ ONLY" format, for customers to print
copies of statements. It has been necessary to engage outside
specialist to develop additional functionality for the computer
software that supports the online functions and we hope they are
able to complete this task imminently.
We will be sending an email to all Edge account holders once the
system has been activated and will post an update on the website.
The system will then be held open until the end of February
We are working towards the issuing of statements to customers
before the Christmas postal deadlines. Accompanying the statements
will be a letter explaining the treatment on certain accounts such
as fixed term deposits, which was explained in my last update.
The Isle of Man Treasury is actively exploring the possibility
of making an interim payment to depositors of the Bank. We continue
to assist them and hope to be in a position to provide a more
detailed update next week when the details have been finalised.
As previously, the best way to make contact is to write to the
bank or to email email@example.com. If you need to
telephone the bank, please use the main switchboard number +44 1624
Joint Liquidator Provisionally