Depositors with money trapped in Kaupthing Singer & Friedlander Isle of Man (KSFIOM) have a month to wait before finding out how much cash they will get after a date was set for a vote on how compensation should be arranged.
Victims are set to meet on 19 May to decide whether they want the Isle of Man-backed Scheme of Arrangement (SOA) proposed for the bank. If depositors back a SOA, as most are expected to do, the High Court will be asked to sanction the Scheme on 27 May. Under an SOA, an alternative to a Depositors Compensation Scheme (DCS) and liquidation of KSFIOM, depositors will receive guaranteed scheduled payments. SOA payments are underpinned by funding from the Treasury, which has £180m in place to support the scheme. The Treasury believes the SOA has the potential to pay out over half of depo...
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