The action group for depositors in collapsed Kaupthing Singer & Friedlander (KSFIOMDAG) is 'devastated' the court will adjourn the decision of whether a Scheme of Arrangement should be used to return depositors' savings.
Its move is designed to give the Treasury more time to work out details of the scheme instead of resorting to the use of a Depositors' Compensation Scheme (DCS). The adjournment will be granted until April 9 after the court heard the scheme would give greater security and certainty to payments than would be possible under the DCS, where payouts could be affected by any further bank collapse. KSFIOMDAG says just 21 days ago the court decided the uncertain state depositors have been left in was unacceptable, then granted the Isle of Man government an extra 21 days. "They failed to deliv...
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