Supreme Court ruling regarding FX rates/partial Payments

Tuesday, sept. 24, the Supreme Court of Iceland made a judgment in case nr. Nr. 553/2013 regarding the issue which FX rates should be applied when calculating partial payments in the winding-up of LBI, made in FX, into ISK.

The court decided that the calculation of partial payments in FX should be based on the official selling rate of the Central Bank of Iceland on the date of each payment respectively. This decision overturns the decision from the District Court and is contrary to the decision of the Winding-up Board of LBI to apply FX-rates of 22 April 2009. Please find below the link to the offical verdict on the Supreme Court‘s website: http://www.haestirettur.is/domar?nr=9035

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