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.

The Winding-up Board of Landsbanki Islands hf has implemented a moratorium on claim transfers from 16 November 2010 to 06 December 2010.

Today, 22 November 2010, the Reykjavík District Court ruled that Landsbanki Íslands hf. is to be wound up as provided for in the general rules of Act No. 161/2002 as amended.

On 1 December 2010 a previously advertised creditors´ meeting will be held at 9:00 am at Hilton Nordica, Suðurlandsbraut 2, Reykjavík where the Winding-up Board plans to continue to present its decisions on claims lodged with priority according to Articles 109-112 of the Act on Bankruptcy etc., as well as presenting its decisions on general claims against the bank to the extent possible.

Landsbanki Íslands hf. was considerably successful in increasing assets recovered in Q3 of 2010. The increase over the previous quarter amounted to ISK 18 billion in foreign currencies.

The Reykjavik District Court issued a ruling extending the moratorium of Landsbanki Íslands hf. on Tuesday, 31 August 2010.

Moratorium

The principal focus  of this creditors’ meeting of Landsbanki Íslands hf. is the proposed extension of the bank’s moratorium.  The Reykjavík District Court originally approved the bank’s request for a moratorium on 5 December 2008. 

A ruling by the Reykjavík District Court, pronounced on 27 November 2009, authorised the extension of the moratorium granted to Landsbanki Íslands hf., Reg. No. 540291-2259, Austurstræti 16, 101 Reykjavík, which was originally granted on 5 December 2008, to 10:00 am on 26 August 2010.

A meeting of creditors of Landsbanki Íslands hf. was held on Thursday, 27 May 2010, in Reykjavík. The Resolution Committee presented a summary of LBI's financial position and the Winding-up Board gave an account of decisions on recognising claims.

The Central Bank of Iceland, Central Bank of Luxembourg (BCL) and the liquidator of Landsbanki Luxembourg have signed an agreement to purchase 98% of the outstanding bonds in Avens B.V.

Landsbanki Íslands hf. takes over administration of the bank's assets in the Netherlands

Landsbanki Íslands hf. (LBI) is in the process of appropriating the entire asset portfolio of Nordic Partners.

Detailed information

The accompanying documentation, that is published on our homepage under Creditor´s meetings, includes substantially more information on the activities and financial affairs of Landsbanki Íslands hf. (LBI) than have been previously available, together with a more detailed analysis of them. In providing this, the bank aims to respond to requests for increased information disclosure and transparency in the work of Resolution Committees and Winding-up Boards.

Creditors of Landsbanki Íslands hf. are advised that an updated list of claims lodged against the bank has been published on a restricted area of LBI's website.

The Icelandic government, the Resolution Committee of Landsbanki Ísland and new Landsbankinn (NBI) have signed a final agreement on the settlement of assets and liabilities following the division of Landsbanki Íslands into old and new banks, following its collapse in October 2009.

COURT RULING of the District Court of Reykjavik 27 November 2009 in case no. J-7/2008:

Request of Landsbanki Íslands for an extension of a declaration of a moratorium with a submission that was submitted for consideration during a session of the court on the 26 of this month, the Landsbanki Íslands made a request for an extension of its permission for a moratorium to be extended for six months, cf. authorization in par. 3 of Article 98 in Act no. 161/2002, cf. Article 2 in Act no. 129/2008, cf. provisional clauses IV and V in Act no. 161/2002, cf. Act no. 44/2009.

On 30 April 2009 the Winding-up Board of Landsbanki Íslands hf. invited all parties considering themselves as creditors of the bank to submit their claims within six months. That time limit expired on 30 October 2009.

The Resolution Committee of Landsbanki Íslands hf. is pleased to announce that agreements have been reached on the value of and payment for those assets transferred from Landsbanki to NBI hf.

A Bill regarding authorisation for the Minister of Finance, to issue a State guarantee of the loans granted by the governments of the UK and the Netherlands to the Depositors and Investors Guarantee Fund of Iceland, was passed as law by the Parliament of Iceland on the 28th of August 2009.

In response to reports in the media of dealings between the Resolution Committee of Landsbanki Íslands hf. and Jón Ásgeir Jóhannesson, the Resolution Committee would like to make it clear that no disagreement exists with Jón Ásgeir Jóhannesson and/or Ingibjörg Stefanía Pálmadóttir concerning their previous commitments to the bank. In recent months, the parties have worked jointly on upgrading collateral already held by the bank. Mortgaging of the property Hverfisgata 8-10 was concluded in order to better guarantee repayment of loans connected to the parties.