27 Nov 2008
Can anyone tell me what happens on 27 Nov 2008. Can the case be adjourned again, or is this the last chance. If it can be adjourned, which I guess is good for us, how many times can this occur.
Perhaps we have need of a "Future Position Paper" - if the 27 Nov 2008 decision triggers the FSC scheme then presumably all the talk about IMF/Nordic loans, HMG discussion with Iceland etc etc are redundant.
There is a lot of information flying around this site and not being an expert, just an engineer/farmer I have trouble seeing/understanding how it all relates together logically in time
27 Nov 2008
Yes it can be adjourned again.
However this time I think the court might want to see some evidence of why it should be adjourned.
Last time the IoM government asked for an adjournment on the grounds discussions were taking place. I think if they did that again the Court may want it to prove that there is a hope of saving the situation.
Also to clarify some points over "provisional liquidation". In the Isle of Man there is no "administration" so when a company fails it falls under porvisional liquidation. Added to that there is the option in Manx law to suspend or even cancel a liquidation once a company has been placed in to liquidation.
If there really is a deal being negotiated that is not completed by 27 Nov I would again expect the IoM government and some of the other big creditors (e.g. Skandia, Scottish Equitable, Axa) to call for an adjounment.
27 Nov 2008
As it seems unlikely that a buyer, or deal between IOM, HMG, Iceland, IMF etc will be forthcoming in the next 3 weeks - I dont believe these negotiations work that fast - then I presume an adjournment is the best bet. If KSFIOM falls into provisional liquidation, then the compensation scheme is ? triggered?. Assumimg we received our "compensation" under this scheme is it still possible under Manx law as you describe to take it out of or cancel the liquidation if any of the other possible solutions became active?