Recognition of the winding-up proceedings in Canada

On 4 November 2010, the Winding-up Board obtained the recognition of the Icelandic winding-up proceedings in Canada under Canadian bankruptcy and insolvency legislation. Accordingly, the Superior Court of the Province of Quebec issued an order, effective throughout Canada, that no legal proceeding or enforcement process may be commenced in any court or tribunal in Canada against or in respect of Landsbanki or Landsbanki’s assets. This order, among the first to be granted to a foreign entity in Canada, is in effect for an initial period ending on 4 November 2011, at which time the order may be extended by the Canadian court upon application by the Winding-up Board.

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