As Treasury Minister Allan Bell vows the Manx government is doing all it can to recover the assets of Kaupthing Singer and Friedlander Isle of Man, the worry goes on for its savers, numbered at over 8,000.
A total of ?860 million has been frozen in London by the United Kingdom government, under anti-terrorism laws.
At the end of last week, Mr Bell said his sincere hope remained that all, or most, of the money would be recovered, and there would no need to activate the recently enhanced Depositors' Protection Scheme.
But, with the petition to wind-up the bank adjourned until the end of the month, to allow more time for negotiations, solicitor Jonathan Smalley, a partner in the Douglas based Stuart Smalley & Co, thinks he knows what is going to happen (audio file attached):
He told Manx Radio:
"I think we are heading, inevitably, for an insolvent liquidation of Kaupthing in the Isle of Man.
"There's a chance that it may be solvent, but all the indications that I can see are part of a slow move towards the decision on November 27."
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