DCS Notice as at 6th February 2020

Please see below for our latest status update and guidance for DCS & EPS claimants.

Early Payment Scheme 1 (“EPS 1”) and/or 2 (“EPS 2”) claims (collectively, the “EPS”);
The Isle of Man Depositors’ Compensation Scheme Regulations 2008 (the “DCS”);
Kaupthing Singer & Friedlander (Isle of Man) Limited (In Liquidation) (“KSF”);
Deferred Interest & Statutory Interest, together (“Surplus Interest”);

KSF Matters

KSF has updated its website. Please refer to www.kaupthingsingers.co.im for further information. An extract of that notice is provided below for ease of reference.

“Isle of Man Freezing Orders and Final Distribution

The freezing orders related to a confiscation order issued by the Sheriffs’ Court in Glasgow, which was registered in the Isle of Man in 2018 in the sum of £1.3 million, under the Island’s proceeds of crime legislation. The registration was challenged by the Liquidator, and after proceedings and negotiations in the Isle of Man the Scottish Authorities have agreed to accept £345,404 from KSFIOM.

I will be writing to the creditors who will be paid directly by the liquidator in the next two weeks in relation to the final dividend. If you have claimed under either the Early Payment Schemes and/or The Isle of Man Depositors’ Compensation Scheme, then please contact the DCS Administrator…”

DCS Matters

Forms

Subject to further announcements from KSF regarding the timescale for payment of a dividend, the DCS will be setting a final date for forms to be submitted ahead of the first payment run. The date for this payment run will also be communicated at this time.

There will be subsequent payment runs for parties who did not complete and submit forms to the DCS in time to be included in the first payment run.

Timing

The DCS has not been informed by KSF regarding the timing and amount of any dividend to be remitted by KSF to DCS.

Once a dividend has been declared and paid by KSF to DCS in respect of DCS and EPS claimants,there will be a period of time whilst the DCS processes forms, sets a cut off for the first payment run and then administers the relevant payments.