Administrators get another year to sort out Landsbanki cash
Monday 12th January 2009, 1:00PM GMT.
THE administrators of Landsbanki Guernsey have been given a further year to complete their task.
The bank was put into administration on 7 October 2008 and Rick Garrard and Lee Manning of Deloitte were initially appointed its joint administrators for three months, but the timeframe has since been extended by the Royal Court to 6 January 2010.
The move was deemed necessary to achieve the optimal realisation of assets, says an interim report released by the joint administrators to the depositors.
‘The joint administrators continue to believe substantial additional payments will be made to customers but that it could take considerable time to realise assets to enable further payments,’ it said.
The report stated that the prospects for future distributions were dependent on the realisation of the loan portfolio, the Landsbanki Islands HF parent company and Heritable balances, any possible government support and/or possible legal actions.
Landsbanki Guernsey is owed £36m. by sister bank Heritable and has more than £52m. in loan assets supported by UK property.
- To read Guernsey Press stories in full click here for subscription details. Individual editions are now available online.
Campaigns
Voice For Victims
Voice for Victims is a campaign aimed at promoting the rights of those affected by child sexual abuse.
This is Guernsey
Guernsey Press
Government support is key. Please help your citizens.
Report abuse
I think the task should be escalated to a firm of credit specialists. With all the best intentions in the world, Deloitte & Touche’s Guernsey office really needs to ask itself whether, besides its senior partner, they have the expertise and the time to do this. Current housing laws that restrict the time key staff can work in Guernsey suggests the vast majority of their work force are not suitably qualified.
If I was a former Landsbanki customer, I would ensure I had a good lawyer and less patience.
Report abuse
I think former Landsbanki customers are now losing patience for obvious reasons, also the fact that Deloittes are obviously raking it in at £??? per hour for their services, obviously being paid out of lost depositor’s savings. The Guernsey States must have some input in all this sooner rather than later to save Guernsey’s reputation being tarnished even more.
Report abuse
Unfortunately many customers cannot afford a good lawyer, and are spread all over the world. The government needs to step in and ensure that depositors are not faced with a future in poverty.
Report abuse