Notice as at 12th August 2020

The DCS remains open to receiving completed forms from depositors. Please see below for expected timelines for the next DCS payment run:

  • Payment Run Three: In respect of completed forms received between 1 June and 31 August 2020 we will aim to process payments and include them in a payment run to take place on, or around, 30 Sep 2020.

Parties Who Have Not Submitted a DCS Form

To depositors of KSF who form part of the DCS, and who have NOT submitted a form by 31 August 2020. The DCS will shortly be undertaking alternative steps to remit funds to you. Further updates will be released on or around Sept 2020.

Notice as at 29th May 2020

In the region of £1.3m has been issued for payment to participants that have come forward.

Please note for the majority of claimants who have come forward and submitted a form and associated documentation in line with the relevant guidance, their payments have now been processed and sent.

In certain cases, payments may have been delayed where:

  • Requests were received that were outside of the guidance, and / or
  • Given the nature of the claim and content of the correspondence further checks were required.

These payments are in process and parties will be contacted if there are any matters that we are unable to resolve.

Parties Who Have Not Submitted a DCS Form

To depositors of KSF who form part of the DCS, and who have NOT submitted a form, we request that you now come forward and we will administer payments to you in a future Payment Run.

Notice as at 27th April 2020

We have made minor changes to the Confirmation / Update of Address Form referred to below in the Notice as at 11th December 2018. These changes do not invalidate previously submitted forms.

If you have submitted a form to the DCS since December 2018 and your details have not changed please do not submit another form. Doing so may delay payment of your funds.

DCS Notice as at 27th March 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 recently. Please refer to www.kaupthingsingers.co.im for further information. An extract of that notice is provided below for ease of reference.

"Final Dividend

Further to my update dated 11 February 2020, I am pleased to confirm the final amount payable for the final dividend.

The amount paid will comprise deferred interest (if your claim was adjusted) and an amount for statutory interest at a rate of 1.608p in the £.

The final dividend will be paid on 31 March 2020."

DCS Matters

Based on KSF’s announcement, the DCS is preparing to receive funds from KSF next week.

If you have submitted a form to the DCS since December 2018 and your details have not changed please do not submit another form. Doing so may delay payment of your funds.

In respect of timing of payments to DCS and EPS claimants:

  • Payment Run One: In respect of completed forms received by 31 March 2020 we will aim to process payments and include them in a payment run to take place not later than 31 May 2020;
  • Payment Run Two: In respect of completed forms received between 1 April and 31 May 2020 we will aim to process payments and include them in a payment run to take place not later than 31 July 2020.

It is likely that there will be a further payment run for claimants who do not complete and submit forms in time to be included in either of these Payment Runs.

If you have not completed and submitted a form to the DCS please now come forward.

DCS Communications

Please only use the DCS email address for essential communications. Prior to contacting the DCS, please first refer to the notice dated 11th December 2018 and the information already contained on the DCS website in order to see if your query can be answered using this information.

We are likely to be releasing further information in the form of Frequently Asked Questions based on many of the queries we have received to date.

Notice as at 6th February 2020

Following a recent KSF website update, please see the DCS Notice as at 6th February 2020.

The information below regarding the Notice as at 11th December 2018 should continue to be used for submitting address confirmations. Please see the Confirmation / Update of Address Flow Chart for assistance.

Notice as at 11th December 2018

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”);

Current Position

There was a hearing at the Isle of Man High Court on 30 October 2018 which, among other matters, considered the payment, by KSF to the Scheme Manager, of any Surplus Interest due to depositors who claimed in the DCS and/or the EPS.

Surplus Interest is made up of any Deferred Interest payable to a depositor and thereafter Statutory Interest payable to all depositors (defined and described in the Help Sheet - Illustration of Surplus Interest).

The outcome of this hearing is that the DCS will administer Surplus Interest payments to EPS claimants, including for those who only participated in the EPS and did not participate directly in the DCS (some of whom also went on to receive dividends from KSF).

The Scheme Manager of the DCS will distribute all Surplus Interest it receives from KSF (being the final dividend from KSF) to the relevant DCS & EPS claimants, without retaining any amounts that may have been due to it, and without charging any administration fee against claimants. In light of this decision, and to minimise costs to the DCS, the Scheme Manager will issue final distributions by way of GBP cheque payment.

Address Confirmation Needed

Due to the length of time that has passed since the majority of payments were last made, DCS & EPS claimants who wish to receive the Surplus Interest payment (the final dividend) will need to confirm or update their address details by completing the linked form and submitting it to the Scheme Manager, to the address above: Confirmation / Update of Address Form.

Completed scanned forms are only acceptable on email if your address and other details have not changed.

If your address and or other details have changed, you will need to send original signed and relevant certified copies to the postal address provided.

Any information gathered at this date will be processed in due course. Please do not expect an immediate response. Queries will be dealt with in the date order that they are received.

Expected Timing of the first DCS cheque run

The timing of the first DCS cheque run is dependent on the date of the KSF final dividend.

The Liquidator’s website contains the latest updates in respect of the KSF liquidation, please refer to www.kaupthingsingers.co.im for further information.

Estimated Value of Final Dividend Distribution

The final dividend distribution of Surplus Interest from the KSF liquidation is expected to be in the range of 1.5p to 2p in the £ of the unsecured creditor claim of a relevant DCS / EPS claimant. So for example, an EPS only claimant with a £2,000 claim, might ultimately expect to receive in the region of £30 - £40.

The final dividend will be calculated by KSF in two parts; being any Deferred Interest payable and thereafter Statutory Interest. Importantly, this calculation will not be undertaken by the Scheme Manager of the DCS.

The Scheme Manager understands that Deferred Interest will be assessed first by KSF, and if due to the claimant, an amount will be assigned to that claimant. After providing for Deferred Interest payments, we then expect KSF to issue an “pence in the £” rate for Surplus Interest. The Scheme Manager has prepared a help sheet to illustrate estimated outcomes and explain Deferred and Surplus Interest; please see Help Sheet - Illustration of Surplus Interest.

Further Information

Please refer to Frequently Asked Questions.

Frequently Asked Questions
Ref Question Answer Documentation
1 How do I confirm or update my address? Please use the Confirmation / Update of Address form and guidance to confirm your address and send it to the address above. Confirmation / Update of Address Form
2 I am an EPS claimant who did not participate in DCS, will I receive a dividend?

If your claim is verified by the Scheme Manager to an EPS payment, and you successfully complete a confirmation of address form, you will be paid a dividend.

In order for the Scheme Manager to check your details, please complete Confirmation / Update of address form.

Confirmation / Update of Address Form
3 How much dividend should I expect to receive? Please see help sheet. Help Sheet - Illustration of Surplus Interest
4 The EPS/DCS claimant is deceased, what do I do? In order to receive further information and or claim the final dividend distribution, you will need to provide evidence of your authority to act to the Scheme Manager, and if you wish to claim the surplus interest payment you will need to obtain Manx Probate; please see help sheet. Help Sheet - Isle of Man Probate