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KSF IOM to be wound up

The Isle of Man courts have granted an winding up petition against Kaupthing Singer Freidlander seven months after the company was placed under a liquidator provisional.

The news comes after creditors last week voted down a scheme of arrangement put forward by the Isle of Man authorities.

The KSFIOM Depositors Action group was against the scheme of arrangement arguing that it would have offered little more than liquidation, but with less transparency.

It says: “The Isle of Man Government has spent the intervening period developing a complex and inadequate scheme of arrangement that offered depositors nothing more than liquidation yet provided a smokescreen for the authorities involved in this financial debacle to try to avoid the status of liquidation for a bank on the island and dilute the legal rights for depositors who want to find out what happened when and why.”

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