14 OCTOBER 2009

First distribution

As previously noted, a number of payments have been held over at this stage due to queries over amounts claimed, payment details or signatures. There are also some instances where depositors originally intended to apply through the Depositors Compensation Scheme but have changed their minds and their direct claims are still in the process of being approved. We are working through these queries as quickly as possible so that, where appropriate, catch-up payments can be made to the relevant creditors. Catch-up payments are being made on a regular basis so as to minimise delays. I realise that any delay will be frustrating for creditors and would appreciate your patience while we deal with the large number of queries.

Creditors who have not yet submitted a claim

Any creditors who have not yet submitted a claim, either directly or through the Depositors Compensation Scheme, are asked to submit their claims as soon as possible to ensure that they receive the distributions to which they are entitled.

Future Distributions

The timing and value of future distributions is uncertain, as it depends upon the value and timing of future asset realisations, particularly from the loan book and KSFUK. It is anticipated that a second distribution will be made in December 2009 when further funds are expected to become available - an announcement will be made on this website in early December.

Isle of Man Income Tax concession

The Isle of Man Assessor of Income Tax has released Practice Note 159/09 "Taxation due from Kaupthing Singer and Friedlander (Isle of Man) Limited (in Liquidation)", which contains a tax concession for Isle of Man resident individuals with accounts at the company which were credited with interest on or after 6 April 2008. The document can be viewed  here.

Please note that the joint liquidators cannot give tax advice to creditors of the bank - it is up to the individuals concerned to take their own advice and make the necessary returns and disclosures to the relevant tax authorities.

Kaupthing hf

The Resolution Committee has called for a Creditors' Meeting to be held on 20 October 2009, primarily to discuss the agreement between the Resolution Committee and the Icelandic Government on New Kaupthing. At the meeting, creditors will be provided with latest financial information on the Bank. Also, there will be a discussion on possible extension of moratorium on debt payments.

Habana legal case

As previously noted, the plaintiff in the Habana case has lodged an appeal. We have been advised that the appeal will be held on 25 November 2009.


As previously, the best way to make contact is to write to the bank or 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