20 JULY 2018

Cut-Off date fixed for claiming in the liquidation

The cut-off date by which creditors in KSFIOM (including depositors who have not claimed in the Depositors’ Compensation Scheme) must prove their debts in the liquidation of KSFIOM has now been fixed by the Isle of Man High Court as 16 November 2018.

A copy of the Order of Court dated 10 July 2018 is attached below, and the attention of creditors is particularly directed to Schedule 1 of the Order.

Creditors who have already had their proof of debt admitted by the Liquidator do not need to do anything further.

However, creditors who have not yet proved their debts need to take urgent steps to do so, because if their proofs of debt are not admitted by 16 November 2018 they will be forever excluded from sharing in the dividends paid to creditors from the assets of KSFIOM recovered by the Liquidator.

It is emphasised that in order to have their proof of debt admitted by 16 November 2018, creditors must file their proof of debt with the Liquidator, at the address set out below, by 5 September 2018.

The reason that proofs of debt must be filed by 5 September 2018 is that if a proof of debt is not admitted by the Liquidator, then the creditor has a right to appeal against the Liquidator’s decision to the High Court of Justice of the Isle of Man under Rule 85 of the Companies (Winding-Up) Rules 1934, but any appeal must be lodged within 28 days of the decision of the Liquidator to reject the proof of debt.

The effect of this is that if a creditor wishes to prove their debt by the cut-off date on 16 November 2018, they must have filed their proof of debt with the Liquidator by 5 September 2018, in order for any appeal process to have concluded if the Liquidator should reject the proof of debt.

With regard to creditors who have filed a proof of debt which has not yet been accepted by the Liquidator, because the Liquidator has requested further information or evidence, such information or evidence should also be supplied by 5 September 2018, to enable the Liquidator to decide whether to admit the proof of debt in the light of the further information and/or evidence, and to allow the creditor sufficient time to appeal if the Liquidator decides not to admit the proof of debt.

A specimen proof of debt form is also attached below.

PDF Court Order

PDF Proof of Debt

Contacts

The best way to make contact is to write to the bank at PO Box 197, Third Floor, Sixty Circular Road, Douglas, Isle of Man, IM99 1SN, or email ksf@iom.pwc.com . If you need to telephone the bank, please use the number +44 1624 699222. All other numbers in previous use are now switched off or auto-forward to +44 1624 699222. Please be aware that all telephone calls are recorded for security purposes.