Composition Proposal of LBI – legislative amendments and new timing of the meeting to vote
Last Wednesday, 4 November, the Icelandic Parliament passed law amending the Act on Income Tax, the Act on Special Levy on Financial Undertakings, the Act on Financial Undertakings and Act on Stability Levy (composition of the estates of failed financial undertakings). This law brings about a number of changes concerning the composition process and the Composition Proposal of the Winding-up Board of LBI. An English translation of the Law can be found here.
A review of the changes resulting from the law, in particular those that affect the winding-up and composition of the estate of LBI, is accessible here.
As a result of the legislative amendments the Winding-up Board of LBI has had to postpone the intended meeting to vote on the Composition Proposal, which was scheduled for 17 November, to 23 November 2015. An advertisement has been published in the Icelandic Legal Gazette, but a copy of the English translation of it is accessible here.
It is emphasized that despite the change in the timing of the meeting, creditors which have already cast their vote on LBI‘s Composition Proposal do not need to do so again.
The Composition Proposal along with other relevant documents, which have been updated from its initial form as published on 13 October 2015, have been published on the composition website https://composition.lbi.is. The composition documents will also be published today on the creditors login part of this homepage of LBI.