We have been asked by a number of parties to give guidance to
creditors/depositors regarding whether they should be making
individual claims on Kaupthing Bank hf in respect of its parental
guarantee to Kaupthing Singer and Friedlander (Isle of Man)
Limited. As you will appreciate, it is not the joint liquidators'
duty to give advice to creditors in relation to the making of
claims in that liquidation, particularly since the Joint
Liquidators might have a conflict of interest in doing so, since
any successful claim by an individual creditor of KSFIOM would
reduce the amount received by the Joint Liquidators for the benefit
of the creditors of KSFIOM as a whole. Accordingly, if creditors
wish to seek such advice then it is open for them to do so at their
However, in the spirit of being as helpful as we can, we can see
no downside to creditors if they wish to make individual claims in
respect of the parental guarantee. We would reiterate the statement
made in the posting on the website on December 18, that it may well
be that individual claims are rejected by the winding up committee
of Kaupthing Bank hf, however by making such a claim creditors
individual rights are, as a minimum, preserved.
The Joint Liquidators would again emphasise that the above does
not represent legal advice, and cannot be relied upon by creditors
of KSFIOM, who should take their own advice in relation to any
claim that they may wish to bring against Kaupthing Bank hf in
their personal capacity.