The collapse of the bank sent shockwaves through the sector
The final action relating to the high-profile collapse of the Kaupthing Singer & Friedlander Bank has played out at the High Court in Douglas, with the closure of the Depositors' Compensation Scheme.
The court order means that from 31 July, all remaining depositors have abandoned any and all rights to claim any unclaimed dividends and/or surplus interest.
The controversial collapse of the bank in 2008, with £800 million of depositors cash, sent shockwaves through the sector.
It led to a high-profile dispute between the Isle of Man and UK governments.
The Manx Government maintained that KSF (Isle of Man) Ltd had been a solvent bank that was rendered insolvent by the actions of the UK authorities, when the UK was seeking to protect its own position.
The dispute centred around the transfer of £555 million of unsecured funds from KSF Isle of Man into KSF (UK).
The Isle of Man maintained that had the existing regimes and protocols between the jurisdictions been adhered to then the situation could have been managed with significantly less impact on the Isle of Man and possibly avoided altogether.
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