Claims Process Frequently Asked Questions (FAQ’s)
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With over 20,000 creditors/victims, the number of questions being submitted is significant. We are currently working through the requests as quickly as we can and will respond to your request as soon as possible. Please be assured we are reviewing all questions received. Some of your questions may be addressed in the list of frequently asked questions below.
At this time, no deadline has been set. We will provide ample notice of any deadline to allow you to submit your proof of debt claim in advance of any distribution.
All creditors/victims of SIB must complete and submit their claim in the Antiguan liquidation if they wish to receive any distributions that may be made in the future from the Antiguan liquidation. Though it is not yet established, the US Receiver will be running a separate claims process for the US receivership and if creditors wish to receive any distributions that may be made from the US receivership they will have to file claims in that process also. At this time there is no protocol in place between the Joint Liquidators and the US Receivership to run a consolidated claims process.
All creditor/victims will be treated the same within the Antiguan Liquidation regardless of the country where they reside and/or their country of citizenship.
In a liquidation where there are elements of a “Ponzi” scheme involved, it has become a general rule (as endorsed in the Madoff matter by the US Court of Appeals in New York), to look to the net cash deposited by each claimant at the date of the start of liquidation. This is because little, if any, of the declared income used to pay distributions or interest has actually been earned and redemptions and payments on account of distributions or interest will have been funded by other depositors’ money. Therefore to arrive at the most equitable position as between claimants, distributions of interest prior to the liquidation are treated as a return of principal.
In cases where a depositor received money which exceeds the cash deposited, this surplus may be “clawed back”, as it was funded by other depositors’ money and such a windfall at other depositors’ expense is inequitable.
Due to feedback from many of you, we found that the interactive features of the form did not function properly in all situations. Therefore, you must print out the form, complete the form, sign it and return it to SIB by email, mail, fax, etc.
In fact, we are working on an improved interactive form and you may wish to wait to file your claim until this form is posted.
We cannot speak for SIPC. However, the two issues are not related and it should not impact your decision to file a claim with the Antiguan Joint Liquidators.
At this time we are working to review the questions being received from creditors/victims. We will be reviewing submitted claims in the near future and will confirm that your claim has been received at that time.
The Primary Express Account number may be found in the Account Details section of any statement you previously received from SIB. Alternatively, if you have access to the Online Claims Management System established by the former Joint Liquidators, you will find it on the Statement Details page.
You should submit all support that you have relied on in completing your claim.
For anyone that registered a claim with the former Joint Liquidators you will be able to log onto the claims site established by the former Joint Liquidators and view your account balance at February 22, 2009. At this time the site is still active; however, this may change in the future.
If you have not registered with the former Joint Liquidators, you can submit a request for a copy of your February 22, 2009 statement to Stanford.claims.support@uk.gt.com. You will need to send a letter requesting the statement that is signed by all authorised signatories on the account. Please note that we are receiving numerous requests at this time and are making every effort to respond to emails in a timely manner.
Please note, the balance of your account at February 22, 2009 is not your claim amount. Your claim amount, as described in the instructions included with the proof of debt claim form, is the amount(s) deposited with SIB less the amounts of any kind you received.
The first line of the personal proof of debt claim form requires you to indicate your full name and your current location of residence (for example ‘John Doe of Toronto, Ontario, Canada’).
We are currently reviewing the process for employees and their claims. Please continue to monitor the website for updates as this process moves forward.
To obtain copies of your account statements, please submit a signed letter of request to stanford.claims.enquiries@uk.gt.com or by fax to 1 268 480 3725 and copies of your statements will be provided to you. Please include an email address in your letter indicating where you would like your statements to be sent.
If you have already submitted your claim, you do not need to request your statements to revise your claim. We will revise your claim based on the Bank’s records if necessary and notify you of the revised amount. You will then have the opportunity to accept or dispute your claim.
Unfortunately, we are not able to simply calculate your claim based solely on the Bank’s records as the relevant legislation requires all creditors to prove their claim in writing. We do recognise that creditors may not have complete information when completing their claim and have made allowances for this in the review process. A claim will not simply be rejected if it was submitted in good faith.
No. If you have multiple accounts (including accounts in different currencies) you can attach a supplemental exhibit to your proof of debt claim form for each account. An Excel workbook has been posted to the SIB Liquidation website under the claims administration section which we encourage you to use for this purpose. The Joint Liquidators will then total the net cash deposited in each account to determine your total claim in the estate. For accounts in different currencies, an exchange rate will be set prior to any distribution that will be used to calculate the net amount payable in US dollars.
The individual transactions that flowed through your credit card account do not impact your claim in the estate. The only amount that should be reflected on your proof of debt claim form is any balance you had owing on your credit card at the time SIB went into liquidation. This amount should be reflected on the line in the claims form that indicates to include any other amounts that were received directly or indirectly from SIB. This amount will be treated as a payment when calculating your net cash deposited.
The two forms entitled Personal – PDF form and Corporate/Trust – PDF form are the base documents to be used when filing out your claim. If you made deposits in your own name you should use the “Personal” form. If you made deposits through a Company or a Trust you should use the “Corporate/Trust” form. The other forms are worksheets you can use to assist in getting all the information together to support your claim.
No, all account holders represented on a single account can complete a single proof of debt claim form. The person completing the form should include their details at the top of the form and all account holders should sign the form.
In some jurisdictions, a company or trust will be issued a unique number associated with the company or trust. This number should be located on the paperwork with respect to your company incorporation or trust formation and should be included on the claim form. If you do not have a company number you should write “not applicable” in the space provided for a company number.