KSFIOM Liquidator12 Aug 2019: Report to Creditors

Category: Newsflash

The Liquidator's Report to Creditors for the period 10 Jan 2019 to 09 July 2019 is available here.

Paragraph 3.4 provides the following update on the current situation re the freezing orders which are holding up the finalisation of the Liquidation:

"In my last report I mentioned that there are freezing orders in respect of former KSFIOM customer accounts. The Isle of Man Attorney General is claiming that the money held in these accounts should be confiscated. I am advised that the orders are invalid and, even if they were valid, the accounts cannot be confiscated as no proof of debt was received prior to the cut off date. Therefore I believe the money should be available for distributing to unsecured creditors, which means the final amount available for distribution cannot be determined until this is resolved. The total amount involved is significant to the amount available for distribution."

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