The banking license of Kaupthing Singer & Friedlander in the Isle of Man has now been suspended.
Yesterday the UK arm of the Icelandic group went into administration.
Manx customers spent hours trying to find out what was happening with their money – but got no response from the Douglas branch.
The board has this morning notified the commission that, after lengthy talks, it has passed a resolution that the company be wound up with immediate effect.
A joint petition is being presented to the Court today for the appointment of a liquidator in order to protect the interests of Manx depositors.
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