Since I was appointed Liquidator Provisionally on 9 October
2008, my primary focus has been on trying to take control of and
safeguard the assets of the company.
Communication
I know that all depositors are very worried about the status of
their deposits. The bank, the Financial Supervision Commission and
my office have been swamped with telephone calls, emails, faxes and
mail seeking information. This has created serious practical
difficulties, and I know that many of you were not able to get
through on the telephone and/or have not yet had replies to your
queries. I am sorry that this was the case, however, the number of
telephone calls particularly has been unprecedented. The telephone
system at the bank is now up and running and a team of bank staff
are answering calls between 9am and 5pm. If you are unable to get
through, please bear with us and try again later. Staff are also
working through the backlog of emails, faxes and letters.
Going forward, 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.
Assets
My main responsibility as Liquidator Provisionally is to try and
assume control of the company's assets. To this end I have:
• Taken control of bank
balances totalling approximately £103,000,000 which are held with
banks outside the group
• Contacted the Administrators
of Kaupthing Singer & Friedlander Limited (the UK bank) with
the purpose of recovering the assets which are with them. I have
also instructed UK lawyers to assist me if necessary
• Instructed lawyers in Iceland
with a view to enforcing the parental guarantee
Potential purchasers of assets
I have received a number of enquiries from parties who have
expressed an interest in purchasing parts of the business. Some
have expressed an interest in the customer deposits, however, the
main interest has been in the loan book. I have already met with
five of these parties and will be meeting more over the course of
the next few days. It is still very early days and expressions of
interest are a long way from making an offer. However I am pursuing
these expressions of interest as a matter of great urgency.
Transfers in transit
There are a large number of transfers which left the bank but
which have not reached their intended destinations as they have
been frozen in the clearing system. I am in the process of trying
to determine where they are in the system in an attempt to unfreeze
them. I will advise further as soon as I am able.
I understand that this situation is most distressing for
depositors and I will use this website to update depositors
periodically on the progress of the liquidation. However, please be
patient as some matters such as commercial negotiations will
necessarily have to take place in private.
Mike Simpson
Liquidator Provisionally of Kaupthing Singer & Friedlander
(Isle of Man) Limited