Kaupthing Singer & Friedlander (Isle of Man) Limited – In Liquidation (“KSFIOM”)
On 27 May 2009, the Isle of Man Court placed KSFIOM into liquidation, and on the same day, the Scheme Manager of the Isle of Man Depositors Compensation Scheme (“DCS”) declared KSFIOM to be in default and activated the DCS for depositors of the bank.
Full details of the DCS can be found on www.dcs.im. This letter is intended to give you general guidance on how to start the claim process if you wish to do so.
Who can claim?
The named account holders, except for certain specified parties - primarily those connected to KSFIOM, are eligible for compensation. The broad categories are:
1 Individuals may claim 100% compensation on aggregated deposits up to a maximum of £50,000.
2 Joint personal account holders may claim 100% compensation on aggregated deposits up to a maximum of £50,000 each.
3 All other account holders may claim 100% compensation on aggregated deposits up to a maximum of £20,000.
4 In certain circumstances, persons with interests within clients’ accounts and trusts may be treated as individual claimants.
If you have already received payments from one or both of the Early Payment Schemes operated by the Treasury of the Isle of Man, the amounts you have received will be deducted from any compensation and/or liquidation payments due to you.
By claiming from the DCS you will receive compensation payments up to the maximum you are entitled to as soon as the Scheme Manager is able to make payments. In return, you will be required to assign your existing full rights in the liquidation to the Scheme Manager to enable it to pay compensation sums to you and thereafter recover the amounts of compensation paid. As soon as the compensation is recovered, any additional distributions from the liquidation will be redirected to you immediately.
If you choose to claim from the DCS, and therefore assign your rights, it will not be necessary for you to make a claim directly in the liquidation as well – the Scheme Manager will do so on your behalf.
How do I claim?
In order to process claims as quickly as possible, the DCS claims mechanism is primarily electronic. You will need to go to http://www.dcs.im and follow the instructions on how to start the claim process. This site will be available for submissions as soon as possible but in any event by 10 June 2009. Updates on the availability of claims submission site will be posted on http://www.dcs.im. You will need three things to enable you to initiate a claim:
1 An email address
2 At least one account number of an account that you held at KSFIOM
3 The name of the account
If you do not have any access to the internet and/or do not have email, you should write to the Scheme Manager at the above address stating your name and account details (number(s) and title) and forms will be sent to you by mail.
Before making any decision to claim in the DCS you should read the full details of the DCS, the Claim Form and the Guidance Notes, and consider taking professional advice on whether to claim in the DCS or stay outside and receive all payments directly from the liquidation of KSFIOM.
In order to be assured of inclusion in the first payment of compensation by the Scheme Manager, you will need to have completed the claim form online and returned the signed printed version by 30 June 2009. Forms requested by post will also need to be completed and returned by this date. Please note that late submission will not invalidate any entitlement you may have at this stage but may delay payment.
The DCS website will be the main source of information about the progress of claims, expected payment dates and general information about the progress of the DCS. It may be found at http://www.dcs.im. A recorded helpline is available on +44 (0)1624606000 and emails may be sent to email@example.com
Agent to the Scheme Manager
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