Agreement of creditors' claims

The following statistics show the current position regarding the agreement of creditors' claims:


If you compare these figures to the summary published on 22 March 2010, who will note that a further 381 claims have been agreed in the last six months with a total value of £13million. The total value of agreed claims is now £887million. Since that update, no further claims have been rejected, so the current position is that 13 claims worth a total of £11million have been wholly rejected and 40 claims have been rejected in part, the rejected portions totalling approximately £300,000.

The reduction in overall expected claims from £908m in the Report to Creditors of 30 July 2010 to £905m in the table above is due to the withdrawal of a £2.5million claim submitted by a group company as a result of the ongoing negotiations over group balances.

The increase in the number of claimants repaid in full through the Early Payment Scheme from the website update of 22 March 2010 of 1,416 to 1,458 in the table above is due to depositors advising the Joint Liquidators that they consider they were fully repaid through this Scheme and would not be submitting any additional claim in the liquidation.

The figures in the above table are stated after rejections and also after set-offs, so the current figure against which the percentage of distributions is calculated is £905million, which is the total of approved claims, claims not yet approved and claims which are expected but have not yet been received.

Depositors Compensation Scheme

This is a reminder that the Scheme Manager has stated that no new claims will be accepted by the DCS after 27 November 2010. Further details can be found at www.dcs.im.

Any depositors of KSFIOM who have not yet submitted a claim to the DCS and for whom it would be beneficial to do so are urged to submit their claim as soon as possible so that they can receive the payments to which they are entitled.


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