Slow start to depositors' vote on Scheme of Arrangement

A crucial vote by depositors in the collapsed Kaupthing bank has been delayed at the Villa Marina in Douglas today.

They are being asked to decide whether to accept the Treasury's Scheme of Arrangement, as an alternative to liquidation of the bank.

But proceedings got off to a slow start, with a number of questions from the floor to PricewaterhouseCooper, the Liquidator Provisional, which is handling today's vote.

A sprinkling of depositors attended to cast their votes in person, but the late arrival of proxy forms to those living off-Island has caused some upset.

Treasury Minister Allan Bell explained the position in Tynwald today:

"I am advised that the Liqidator Provisional issued documents in accordance with the court orders.

"I also understand from the Liquidator Provisional that where depositors have not received their ballot forms directly, they have been advised to access the Kaupthing Singer and Friedlander website, and download the proxy voting forms.

"Honourable members will no doubt ne aware that the ballot is taking place today, and following the vote the Liquidator Provisional will be required to report to the court, not only on the outcome and result of that vote, but also on the process and administrative procedures associated with the voting arrangements."