What has happened?
On 9 October 2008 the Isle of Man Court made an Provisional
Liquidation Order in relation to Kaupthing Singer and Friedlander
(Isle of Man) Limited ("KS&FIOM"). Michael Simpson of
PricewaterhouseCoopers was appointed as Liquidator Provisonally of
Suspension of banking licence
On 8 October 2008, The Isle of Man Financial Supervision
Commission suspended KS&FIOM's banking licence, accordingly
KS&FIOM has ceased to trade as a bank. The provisional
liquidation is necessary because of KS&FIOM's financial
position and to ensure that the best interests of customers and
creditors are served.
I will continue to keep you updated on this website with
developments in respect of KS&FIOM and notify you if any
changes are proposed to be made which will affect your current
The purpose of the Liquidation Order is to seek to ensure the
best long term solution can be adopted for customers and creditors.
KS&FIOM will continue to manage its current loan book and the
Liquidator Provisionally will be seeking to find purchasers for
KS&FIOM's business and loan book to maximise recovery for
customers and creditors. The existing mortgage/loan agreements of
borrowers remain in place, the repayment profile of your
mortgage/loans is not being changed and you are not being expected
to refinance elsewhere. Borrowers should continue to make payments
in the usual way.
The directors are still the directors of KS&FIOM, however
the Liquidator Provisionally is ultimately responsible for
KS&FIOM. However, the directors and existing management
structure will remain in place and the directors and their existing
management team will be assisting the Liquidator Provisionally with
the day-to-day operations.
I will be working closely with management and my key objective
achieving the best result for customers and creditors and to
achieve this I will require your support during this process. As
reported at the meeting held in the Isle of Man on 9 October 2008,
I have entered preliminary negotiations with parties intereested in
purchasing parts of the business, and have instructed lawyers in
London and Iceland to assist me in attempting to receive assets of
the bank currently held in those locations.
I shall keep you as fully informed of the situation via
this website as I am able as matters progress.
Liquidator Provisionally of Kaupthing Singer & Friedlander
(Isle of Man) Limited