Notification to claimants concerning objections to decisions on claims

As announced at the creditors’ meeting, on 19 May this year, those creditors wishing to submit further documentation and/or grounds for their objections can send these to the Winding-up Board no later than 1 July 2011. After the deadline for submitting documentation has passed, special meetings will be announced where an attempt will be made to resolve disputes on claims.

Creditors who are party to disputes will be specifically invited to meetings where the claim or claims concerned will be discussed.

If a dispute cannot be resolved at a meeting with claimants, the dispute on the claim or claims in question will be referred to the Reykjavík District Court for resolution, cf. Articles 120 and 171 of Act No. 21/1991, on Bankruptcy etc. The party at whom an objection is directed is a party to such a dispute. Claimants who have raised objections to a decision on the claim or claims in question are also parties to the disputes, together with the Winding-up Board. Chapter XXIV of the Act on Bankruptcy applies to the handling of such disputes by the District Court; in general, the procedure is expected to take a fairly short time. Rulings by the District Court may be appealed to the Supreme Court of Iceland within two weeks of their pronouncement. Appeals to the Supreme Court of Iceland against rulings are normally presented in writing, but the Court may decide to allow oral proceedings, if it deems necessary. A court resolution of a dispute comprises a final outcome on the amount of a claim and its priority and will serve as the basis for disbursements.

The objections are now accessible on the restricted website area.

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