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IN THE MATTER OF KAUPTHING SINGER & FRIEDLANDER LTD (In Administration)

The court gave directions on issues concerning the application of certain provisions of the Insolvency Rules 1986 to the conduct of the administration of a company which was an authorised deposit taker where the joint administrators had to perform a quasi liquidation involving an assessment of the claims of the depositors and other creditors.

13 October 2009

The applicant joint administrators (X) sought the court's directions on issues concerning the application of certain provisions of the Insolvency Rules 1986 to the conduct of the administration. A company (K), which was an authorised deposit taker, had entered administration and X were appointed joint administrators. Some of those to whom K owed money themselves owed K money. On the making of the administration order, the rights of the depositors and others to enforce obligations owed by K were statutorily suspended because of the operation of the Insolvency Act 1986 Sch.B1 para.43, whereas K's rights to enforce obligations owed by the depositors and others were not so suspended. X made a distribution to creditors of K who were neither secured nor preferential and then embarked upon a quasi liquidation involving an assessment of the claims of the depositors and other creditors pursuant to the Insolvency Rules 1986. The rules relating to quantification of claims for the purposes of t...

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