The Isle of Man Treasury will today present a finalised Scheme of Arrangement (SoA) to the high court hearing into the collapsed Kaupthing Friedlander & Singer Isle of Man (KSFIOM) bank.
An agreed SoA would guarantee payments for depositors with 'trapped' cash in the beleaguered bank. However, the high court may instead opt for a Depositors' Compensation Scheme (DCS), which means payments may be hit by further details of the bank's collapse. The last hearing into the liquidation of the bank and SoA was postponed on 19 February, giving the Isle of Man government more time to finalise its presentation in favour of an SoA. At a previous hearing, the court heard the SoA could pay out over half of depositors in full over three months and approximately 70% in full over 24 m...
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