Committee of Inspection meeting
on 25 January 2010
A meeting of the Committee of Inspection was held by telephone
at 3pm on Monday 25 January 2010 to discuss the rejection of our
claim under the parental guarantee, and the announcement by the
Administrators of KSFUK that they intend to sell off their loan
book.
- Claim against Kaupthing hf
It was noted that the claim made by
the Joint Liquidators to the Winding Up Committee has been rejected
in full. It is understood that the opinion of the Winding Up
Committee is that they are not bound by the guarantee. Although
unconfirmed, the Joint Liquidators believe that this is a reference
to the WUC questioning whether the guarantee is legally binding on
Kaupthing hf on the basis that the signatory to the guarantee was
not a member of Kaupthing hf's Board. The Joint Liquidators will be
robustly asserting the validity of the guarantee and confirm that
an objection to the claim's rejection will be filed in advance of
the creditors' meeting on 29 January 2010. In the meantime they are
attempting to establish the detailed rationale for the rejection of
the claim. The Joint Liquidators, in conjunction with the Committee
of Inspection, are considering a range of strategies and will
pursue the claim most vigorously in order to obtain the best return
for creditors.
It was reported in the UK press at
the weekend that the Administrators of KSFUK are intending to sell
their loan book. Understandably, this has generated a number of
questions from creditors. It is not yet possible to assess the
impact of such a sale, if it happens, on the return to creditors or
the timing of that return. The Joint Liquidators continue to manage
KSFIOM's loan book as it remains their current view that this will
realise the best return for creditors. However, all options are
open in respect of the realisation of the loan book and the market
is being monitored to determine whether conditions are improving
which may cause the Joint Liquidators to alter their current
view.
Contacts
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