Charities join creditors to fight for £50m Iceland funds

A newly-formed action group of 27 charities with £50m of funds frozen in the collapse of Icelandic bank Kaupthing Singer & Friedlander has secured a place on the organisation's creditors' committee.

Save our Savings, led by the Cats Protection and Naomi House Children's Hospice, won the place in a paper ballot at a special meeting of the bank's creditors in London yesterday. More than 120 representatives from the banking and charity sectors attended the meeting. A representative from SOS was one of five elected to the committee.

The group has a potential collective loss of £50m - Cats Protection alone has more than £11.2m of frozen funds.

Peter Hepburn, chief executive of Cats Protection and spokesman for SOS, said the group was pleased to be on the committee and would press for help from the Government.

"We want 100 per cent of our money back," he said. "The Government has already changed the rules and given 100 per cent back to the retail creditors, so now we want them to do the same for charities."

Hepburn added that the process could take years if it dealt with by administrators, but that the Government had the means to cut that short.


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