Status and fulfilment of the Composition Agreement – de minimis payments
In accordance with the Composition Agreement for LBI, which became binding upon the end of the time limit to appeal according to Article 59 of the Act on Bankruptcy etc. No. 21/1991 on 25 December 2015, LBI has now executed the de minimis payments to its creditors.
If payment instructions have already been received and verified as sufficient by the company, the de minimis payments will be delivered to the relevant accounts accordingly. If such sufficient payment instructions have not been received and/or if they have not been verified as sufficient, the de minimis payment in question has been deposited on a statutory escrow account in the name of LBI in accordance with paragraph 6 of Article 103 a of Act No. 161/2002 on Financial Undertakings as amended. Efforts to collect and verify payment instructions are ongoing. De minimis payments will be transferred from the escrow account in accordance with payment instructions received once they have been verified as sufficient.
De minimis payments with respect to claims which are disputed and/or contingent are deposited on the afforenamed statutory escrow account in the name of LBI until the dispute has been resolved or the condition no longer applies.
Further information regarding the de minimis payments will be sent to creditors over the course of the next few days.
Creditors that have not already submitted payment instructions and/or necessary documentation are encouraged to do so as soon as possible. Creditors that have been provided with individual login credentials for the web portal https://composition.lbi.is can submit the relevant information and documentation electronically through that web portal.