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KSF early payment scheme deadline

by isleofman.com 25th April 2009

Depositors in the collapsed Kaupthing bank have just under four weeks to make compensation claims under the Isle of Man Government's Early Payment Scheme.

Treasury has given notice the last date for eligible depositors to apply is May 22.

The Early Payment Scheme was approved by Tynwald in January and offers repayments of up to ?10,000 per depositor.

So far, the scheme has paid out ?44 million.

But it's now being wound down to make way for the larger compensation scheme.

That could be the Manx government's favoured option, the Scheme of Arrangment.

Or if the bank is pushed into liquidation - the Depositors' Compensation Scheme.

Liquidation will be triggered if depositors reject the Scheme of Arrangement.

Depositors will vote on those options at a meeting next month.

Posted by isleofman.com
Saturday 25th, April 2009 10:06pm.

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