What has happened?
On 8 October 2008 the High Court made an Administration Order in relation to Kaupthing Singer and Friedlander Limited. Maggie Mills, Tom Burton, Alan Bloom and Patrick Brazzill of Ernst & Young LLP were appointed as Joint Administrators of KS&F.

Business as usual
Kaupthing Singer and Friedlander Limited (“KS&F”) has not ceased to trade. The Administration is necessary because of KS&F’s financial position and to ensure that it can continue to operate, and to ensure the best interests of customers and creditors are served.

We will continue to keep you updated with developments in respect of the long term plans for KS&F and notify you immediately if any changes are proposed to be made which will affect your current position.

For further information on a specific product area please click on the links below:

- Edge Retail deposits
- Non-Edge Retail deposits
- Wholesale deposits
- All secured and unsecured borrowers

Information for creditors
A creditors guide to Administrators' fees

Operations
The purpose of the Administration Order is to seek to ensure the best long term solution can be adopted for customers and creditors, and whilst doing so, continuing the operations of KS&F.
Whilst in Administration, KS&F will continue to manage its current loan book and the Administrators will be seeking to find purchasers for, and will continue to manage, the remainder of KS&F’s business and loan book to maximise recovery for creditors. The existing mortgage/loan agreements of borrowers remain in place, the repayment profile of your mortgage/loans is not being changed and you are not being expected to refinance elsewhere. Borrowers should continue to make payments in the usual way.

The directors are still the directors of KS&F. Whilst in Administration, the Administrators are ultimately responsible for KS&F. However, the directors and existing management structure will remain in place and the directors and their existing management team will be responsible for the day-to-day operations.

We will be working closely with management and do not envisage any major changes to procedures on a day-to-day basis. Our key objective is business as usual and to achieve this we will require your support during this process.

Finally, we would like to re-iterate that our key objective is to ensure business as normal during this process and would ask for all of your support during the continued operations of KS&F , whilst a buyer or buyers are sought for the remainder of KS&F’s business. We shall keep you as fully informed of the situation as we are able as matters progress.

Maggie Mills, Tom Burton, Alan Bloom and Patrick Brazzill
Joint Administrators

The Insolvency Practitioners Association authorises Patrick Joseph Brazzill to act as an Insolvency Practitioner under section 390(2)(a) of the Insolvency Act 1986 and The Institute of Chartered Accountants of Scotland authorises Thomas Merchant Burton to act as an Insolvency Practitioner under section 390(2)(a) of the Insolvency Act 1986.

The Institute of Chartered Accountants in England and Wales authorise A R Bloom and M E Mills to act as Insolvency Practitioners under section 390(2)(a) of the Insolvency Act 1986.

The affairs, business and property of Kaupthing Singer and Friedlander Limited are being managed by the Joint Administrators A R Bloom, M E Mills, T M Burton and P J Brazzill. The Joint Administrators act as agents of the Company only and without personal liability.