Liquidation imminent for KSFIOM as SOA is vetoed

The majority of the votes overall were in support of the SOA, with depositors with claims of under £50,000 overwhelmingly in favour of it, says Treasury minister, Allan Bell. However, the SOA failed to gain the required level of support for the SOA to be approved from larger depositors and unsecured creditors. "The majority who clearly supported the Scheme of Arrangement, including the vast majority of small depositors, will be disappointed that it has been vetoed, in effect, by the minority of larger depositors and unsecured creditors," says Bell. "However, we must respect the outcom...