Is my money safe?
Deposits of non-Edge accounts have not been transferred to ING
Direct. These depositors will receive their money in full. They
will need to apply to the Financial Services Compensation Scheme to
receive their deposit. Further detail can be found on the FSCS
or by phoning 0207 892 7300.
The Financial Services Compensation Scheme ("FSCS") will be
working with the Administrators to endeavour to contact these
individuals and make payments to them as soon as possible.
What has happened?
On 8 October 2008 the High Court made an Administration Order in
relation to Kaupthing Singer and Friedlander Limited. Maggie Mills,
Alan Bloom, Patrick Brazzill and Tom Burton of Ernst & Young
LLP were appointed as Joint Administrators of Kaupthing Singer and
As Kaupthing Singer and Friedlander Limited is now in
administration, its business is being run by the Joint
Administrators. This does not mean that Kaupthing Singer and
Friedlander Limited's (in Administration) remaining business will
be immediately closed down or sold.
Why was administration necessary?
The administration was necessary because of Kaupthing Singer and
Friedlander Limited's (in Administration) financial position in
order to ensure that Kaupthing Singer and Friedlander Limited could
continue to operate. It was also necessary in order to maintain the
stability of the UK financial system.
Finally, we would like to re-iterate that your deposit
is safe and that our key objective is to ensure business as normal.
We will keep you informed as matters progress.
Maggie Mills, Alan Bloom, Patrick Brazzill and Tom Burton
The Insolvency Practitioners Association authorise Patrick
Joseph Brazzill to act as an Insolvency Practitioner in the UK
under section 390(2)(a) of the Insolvency Act 1986 and the
Institute of Chartered Accountants of Scotland authorise Thomas
Merchant Burton to act as an Insolvency Practitioner in the UK
under section 390(2)(a) of the Insolvency Act 1986.
The Institute of Chartered Accountants in England and Wales
authorise Alan Robert Bloom and Margaret Elizabeth Mills to act as
Insolvency Practitioners in the UK under section 390(2)(a) of the
Insolvency Act 1986.
The affairs, business and property of Kaupthing Singer &
Friedlander Limited are being managed by the Joint Administrators A
R Bloom, M E Mills, T M Burton and P J Brazzill. The Joint
Administrators act as agents of the Company only and without