LBI hf. Transfer Moratorium in Preparation for De Minimis Payments

In preparation for De Minimis Payments, the Winding-up Board of LBI hf. (the “WuB”) will set a claim transfer moratorium beginning on February 2, 2016.  The LBI hf. Transfer Register will not be updated for any claim transfer that has not received a Notice of Successful Transfer (an “NOST”) by February 2, 2016.

As a reminder, the WuB has implemented an Expedited Transfer Process to all pending and future claim transfer requests. The Expedited Transfer Process is a faster procedure than the established LBI hf. Transfer Process in that:

  • Following receipt of a claim transfer request form, and after the Notice of Proposed Transfer has been issued, the objection period will effectively be eliminated
  • For the elimination of the objection period to apply, both the transferor and the transferee must acknowledge receipt of the Notice of Proposed Transfer by e-mail and expressly state that they wish to waive the objection period
  • The Notice of Successful Transfer will be issued once the later of the two email waivers is received

This Notice does not indicate a permanent closing of the Transfer Register. Once the De Minimis Payment has been effected the WuB will issue a Notice reopening the Transfer Register. 

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