Appointing Legal Representation on IOM

Appointing Legal Representation on IOM

A solicitor on the IoM has now been identified and having talked this through with other active members of the Group I intend to officially appoint him in the next few days.

His website is here for anyone who’s interested:

He comes well recommended and will be working solely on the remit I will be providing him – no other clients. He has already provided me with some very useful information and has shown an interest in our case even before he was approached.

Broadly speaking he is being appointed to be a legal face and voice in the IoM and to be a tool to get more information out of sources that have so far been less than forthcoming.
Initially I will be asking him to focus on these objectives:

• Obtain information (where possible) on PWC’s actions to date regarding the KSFIOM funds in London.
• Obtain information (where possible) on PWC’s actions to date regarding any legislation used in the UK against KSFUK.
• Obtain information (where possible) on PWC’s actions to date regarding the parental guarantee and to obtain a copy of this guarantee.
• Obtain information (where possible) on PWC’s actions to date regarding the sealed court papers in the UK.
• Obtain information (where possible) on what exactly is going on in the talks between the IoM and the UK (and possibly Iceland).
• Obtain information (where possible) on what plans the IoM government has with respect to the liquidation hearing on 27 November.
• To analyse any petition to the court with regards KSFIOM on or before the 27th of November.
• To request that the court agrees to the formation of a ‘provisional creditors committee’ should the liquidation of KSFIOM be postponed again. This is an unprecedented request so I have no idea if this is possible or how the court will react.
• To look into the possibility of a judicial review (the Isle of Man has an equivalent) of all/any actions taken so far (and possibly in the future) by the IoM government. This is just an exercise to understand the law on the IoM and the rights afforded to depositors under it – this is NOT as yet an action against the IoM government.

The phrase ‘where possible’ has been used numerous times for good reason – I do not know what we will be able to achieve so I do not want to get anyone’s hopes up.

To save everyone time it is worth me saying that the above actions will take place irrespective of any comments posted on this site. This is not a posting to canvas support it is a posting letting you know what I am about to do.

At this stage I do not believe we are in a position to petition the court one way or the other with regards potential liquidation so that is NOT a direction I will be asking the solicitor to go in (although should pertinent information become available then this could change). If that is something you feel strongly about then I suggest you consider appointing your own legal representative.

If you feel this legal route is something you wish to be involved in then you are very welcome to join in. You should be aware that legal fees are anticipated to be anywhere up to £4,000 but they will be kept as low as possible.

Should others wish to join in on this the plan is as follows:

  1. Up to 4 depositors will officially instruct the solicitor (i.e. they will be his official clients). It will only be these depositors who have any contact at all with the solicitor. I will be one of these and I am willing to listen to others who wish to join in on this but I reserve the right to pick who these depositors are.

  2. Anyone else who wishes to have their name associated with this is also very welcome to join in. Although you will not be an official client, any court hearing will be told that the above group are the clients and that they are being supported by x number of other depositors who’s names can be read out in court as well.

  3. Depositors can contribute to the legal fund if they wish but there is no prerequisite for being part of either group. Information on how to donate will be posted on the site shortly after this message goes up and people can donate as much or as little as they want. If you cannot afford to donate that is still fine, you can still ask for your name to be included amongst the supporting cast.

  4. At this stage, size of donation will have NO relation to involvement with the solicitor or legal policy going forward so please bear this in mind before you decide whether or not to join in.

  5. Updates as to legal progress will be made ONLY if there is news to report. There will not be a daily update. You can assume that if nothing has been posted then there is no new news to report.

  6. Should there be any surplus of funds these will be held back for any future legal battles but will not be used without further consultation. Should you not wish to participate in further legal activity or should no further activity take place then the funds will be returned to those who contributed to the surplus.

  7. Lastly, if you are not happy with a very small group of people taking decisions on your part then please do not join in. Decisions will be taken as and when considered necessary and due to the nature of the material there can be no broad forum consultation or majority decision-making. The remit to date is posted above and should give you a good idea of the direction in which this representation is heading.


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