27 FEBRUARY 2009

General Matters

Following the Court hearing of 19 February 2009, the Joint Liquidators Provisionally continue to work with the Isle of Man Treasury in helping develop its proposed Scheme of Arrangement.

The Joint Liquidators Provisionally continue to protect the assets of the Bank and are engaged in the realisation of those assets for the benefit of creditors. There is no further news regarding the realisation of assets at this time.

Telephone conference dial in details

Following a conference call with the Depositors Action Group which took place on Monday 23 February 2009 (and can be accessed on this website here) I have set up a sixth conference call which will take place on Monday 9 March 2009 4pm GMT.

I am making the access details generally available to depositors. If you wish to listen to the call, you will need to register in advance. Please click the link to register.


Participation will be on a listen only basis. The facility is provided by a third party and accordingly there is a cost per head for usage. Should any party register and then not attend the liquidation will be charged.

The number of lines is limited and I would request that only those depositors who are able to make the call register as we will make the audio recording of the call available on the website for those of you who are unable to attend. Should depositors choose this route to listen, it will significantly reduce the costs. The audio recording from the previous calls are available on the KSFIOM website.

Isle of Man Treasury Website

As requested by various creditors, please find further information in relation to the Early Payment Scheme being operated by the Isle of Man Treasury by accessing the website at www.gov.im then click "Banking Updates".

Any queries relating to the Early Payment Scheme should be directed to the Isle of Man Treasury. A dedicated helpline has been set up on +44(0)1624 685 858 and email queries should be sent to ksfdepositors@gov.im.


As previously, the best way to make contact is to write to the bank or to email branch@singers.co.im. If you need to telephone the bank, please use the main switchboard number +44 1624 699222.


Mike Simpson

Joint Liquidator Provisionally