Kaupthing Singer and Friedlander Limited ("KSF") has gone into
administration. As a wholesale depositor you will not be able to
withdraw funds from your account and you will be treated as an
unsecured creditor of KS&F in the administration.
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 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 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
These deposits have now been frozen with immediate effect and no
withdrawals will be accepted.
All holders of wholesale deposits will rank as non preferential
claims against the Company and will be held on file and dealt with
in accordance with the Insolvency Act 1986. These claims will be
reviewed in due course and any subsequent payments will be
distributed by the Joint Administrators or a subsequent
We will continue to keep you updated with developments
in respect of the long term plans for Kaupthing Singer and
Friedlander Limited and notify you immediately if any changes are
proposed to be made which will affect your current
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