13 MARCH 2009

General Information

The Joint Liquidators Provisionally continue to work with the Isle of Man Treasury in helping develop its proposed Scheme of Arrangement.

As outlined previously, the Joint Liquidators Provisionally understand and empathise with creditors seeking more information regarding the detail of the Scheme of Arrangement. However, as the Scheme of Arrangement is still being drafted it cannot be shared with creditors at this time. When this information becomes available, this information will be placed on the website. The Joint Liquidators Provisionally appreciate your continued patience in this regard.

As outlined on the website updates of 20 February 2009 and 6 March 2009 some level of detail has been provided in relation to the Scheme of Arrangement. For the purposes of clarity, 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 would like to emphasise that they 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.

Additional Information

As requested on the creditor conference call of Monday 9 March 2009, a breakdown of the Depositor profile is attached below. This detail provides the breakdown of the number of customers, accounts and value by five categories.

 


 

No. of Customers

No. of Accounts

Amount (£)


Individuals 5,248 6,538 303,391,801
Joint 3,114 3,937 174,397,037
Company 797 1,242 108,515,768
Trust 229 372 17,664,124
Insurance Companies 1,970 1,970 289,876,074
  11,358 14,059 893,844,804

Source: Bank Records

 

Telephone conference dial in details

Following a conference call with the Depositors Action Group which took place on Monday 9 March 2009, I have set up a seventh conference call which will take place on Monday 6 April 2009 4pm BST.

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.

https://cossprereg.btci.com/prereg/key.process?key=PJ646DXC3

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.

Contacts

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