Wholesale Deposits


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 Friedlander Limited.

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 financial system.

Wholesale Deposits

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 liquidator.

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 position.

Maggie Mills, Alan Bloom, Patrick Brazzill and Tom Burton
Joint Administrators

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 personal liability.