As outlined previously, 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 understands creditors
wishing to seek more information regarding the detail of the Scheme
At this point, the Scheme of Arrangement is still being drafted
and cannot be shared with creditors. I will provide more
information on the website when this becomes available and I
appreciate your continued patience in this regard.
My website update of 20 February 2009 provided some detail
relating to the Scheme of Arrangement. In due course the Scheme
will be presented to creditors who will then have the opportunity
to vote for or against it. In order to approve the Scheme more than
50 percent in number and 75 percent in value of those voting in
each class of creditors need to vote in favour.
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
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 creditors.
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
As previously, the best way to make contact is to write to the
bank or to email firstname.lastname@example.org. If you need to
telephone the bank, please use the main switchboard number +44 1624
Joint Liquidator Provisionally