Transfer Moratorium Lifted / Claim Transfer To Close

The Moratorium on claim transfers put in place on 2 February 2016 has been lifted.

In preparation for the fulfilment of the Composition Agreement, the Winding-up Board of LBI hf. (the “WuB”) will cease recognizing the transfer of claim beginning on March 14, 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 March 14, 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

For the avoidance of doubt, this Notice is for a permanent closing of the Transfer Register.

Back to News Archive