Time Line

 

October 2008 – Following the collapse of KSFUK the IOM FSC withdraws the licence of KSFIOM as it was no longer able to meet it’s obligations.

January 2009 – Tynwald approves an ‘early’ payment of up to £1,000 to be made to depositors.February 2009 – Tynwald approves another ‘early’ payment of up to £10,000 to be made to depositors.

April 2009 – Scheme of Arrangement (SOA). Proposed by IOM Treasury, the liquidator was side tracked into developing it. Depositors have no say. No better return was offered than liquidation regarding percentage returned or timing of returns.

May 2009 – SOA rejected by depositors. KSFIOM finally put into liquidation.

June 2009 – The DCS is activated and depositors invited to claim compensation.

August 2009 – Tynwald Enquiry into the collapse of KSFIOM and the Depositors Compensation Scheme begins.

September 2009 – First payment to depositors who elect to receive their monies directly via the liquidation process.

September 2009 – October 2009 – Payments to depositors who elect to receive their monies via the DCS.

April 2011 – Depositors Action Group Loan Trust proposed to IOMT and UK Treasury.

July 2011 – Enquiry presented to Tynwald. Many recommendations rejected or watered down.

July 2011 – Loan Trust Proposal rejected by IOMT.

 Posted by at 4:57 am

 Leave a Reply

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

(required)

(required)

*

This blog is kept spam free by WP-SpamFree.