Proceedings which could lead to the winding up of Kaupthing Singer and Friedlander (Isle of Man) could be further postponed again this morning (Thursday).
A month ago, Deputy Deemster Andrew Corlett adjourned the case after hearing representations that putting the bank into liquidation would be 'premature' given top-level talks were taking place between the Manx and UK authorities.
He was persuaded there was hope an alternative solution could be found.
It’s believed the Treasury will file an affidavit asking for a further adjournment which would allow them time to devise a restructuring/run off plan.
There was more than ?500 million belonging to KSF (IOM), representing creditors’ deposits from the bank, when the UK Government put Kaupthing Singer and Friedlander (UK) Limited into administration and froze Icelandic assets.
Treasury Minister Allan Bell has already admitted it’s highly unlikely the Island will get that amount returned following the collapse (audio file attached):
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