General Information
The Joint Liquidators Provisionally continue to work with the
Isle of Man Treasury in helping develop its proposed Scheme of
Arrangement.
As outlined previously, the Joint Liquidators Provisionally
understand and empathise with creditors seeking more information
regarding the detail of the Scheme of Arrangement. However, as the
Scheme of Arrangement is still being drafted it cannot be shared
with creditors at this time. When this information becomes
available, this information will be placed on the website. The
Joint Liquidators Provisionally appreciate your continued patience
in this regard.
As outlined on the website updates of 20 February 2009 and 6
March 2009 some level of detail has been provided in relation to
the Scheme of Arrangement. For the purposes of clarity, the Scheme
will be presented to creditors who will then have the opportunity
to vote for or against it. In order to approve the Scheme more than
50 percent in number and 75 percent in value of those voting in
each class of creditors need to vote in favour.
The Joint Liquidators Provisionally would like to emphasise that
they continue to protect the assets of the Bank and are engaged in
the realisation of those assets for the benefit of creditors. There
is no further news regarding the realisation of assets at this
time.
Additional
Information
As requested on the creditor conference call of Monday 9 March
2009, a breakdown of the Depositor profile is attached below. This
detail provides the breakdown of the number of customers, accounts
and value by five categories.
|
| |
No. of
Customers
|
No. of
Accounts
|
Amount
(£)
|
|
| Individuals |
5,248 |
6,538 |
303,391,801 |
| Joint |
3,114 |
3,937 |
174,397,037 |
| Company |
797 |
1,242 |
108,515,768 |
| Trust |
229 |
372 |
17,664,124 |
| Insurance Companies |
1,970 |
1,970 |
289,876,074 |
| |
11,358 |
14,059 |
893,844,804 |
|
| Source: Bank
Records |
Telephone conference dial in
details
Following a conference call with the Depositors Action Group
which took place on Monday 9 March 2009, I have set up a seventh
conference call which will take place on Monday 6 April 2009 4pm
BST.
I am making the access details generally available to
depositors. If you wish to listen to the call, you will need to
register in advance. Please click the link to register.
https://cossprereg.btci.com/prereg/key.process?key=PJ646DXC3
Participation will be on a listen only basis. The facility is
provided by a third party and accordingly there is a cost per head
for usage. Should any party register and then not attend the
liquidation will be charged.
The number of lines is limited and I would request that only
those depositors who are able to make the call register
as we will make the audio recording of the call
available on the website for those of you who are
unable to attend. Should depositors choose this route to listen, it
will significantly reduce the costs. The audio recording from the
previous calls are available on the KSFIOM
website.
Contacts
As previously, 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.
Mike Simpson
Joint Liquidator Provisionally