The Winding-Up Board will operate a Transfer Moratorium from 1January 2012 to 6 February 2012, but will continue to process Claim Transfer Request Forms already in its possession or in the possession of its agent, Epiq Bankruptcy Solutions, LLC, as at 1 January 2012.
The next creditors‘ meeting is scheduled for Tuesday, 31 January 2012, at 10:00 am at Grand Hotel, Sigtun 38, 105 Reykjavik, Iceland. Parties who have submitted claims against the bank are entitled to attend the meeting.
The Luxembourg subsidiary of Glitnir had in March 2009 gone through a successful restructuring and settlement of its interbank debt and depositors’ base. At that time the BCL remained its sole creditor, with an outstanding balance in excess of EUR 1 billion, collateralized by a substantial pool of assets pledged in its favour. Á íslensku
The Supreme Court of Iceland has today handed down its judgment on the wholesale depositors’ priority claims in both the Landsbanki and Glitnir cases. For Glitnir, there were two specimen claims made by its creditors.
In summary, the Supreme Court upheld the judgment dated 1 April 2011 of the Reykjavík District Court which had decided that the specimen claims of Glitnir’s wholesale depositors do have priority status under Article 112 of Act No. 21/1991 on Icelandic Bankruptcy. The objections made by the relevant creditors to the Winding-up Board’s decision on the two specimen claims have therefore been upheld.
The Winding-up Board is considering the judgment and its applicability to other claimants seeking priority in the winding-up of Glitnir.
The Supreme Court of Iceland will hand down their judgement on the wholesale depositors case on Friday 28 October, 2011 at 2 p.m. An update on the judgement will be provide in due course.
Árni Tómasson, Chairman of Glitnir's Resolution Committee has decided to resign from the Committee, effective 1 October 2011. To ensure as smooth a transition as possible, he has agreed to the Winding-up Board's request to remain on the Board of Directors of Íslandsbanki, to assist in the sales process of Glitnir's holding in Íslandsbanki, and to undertake various assignments at the Winding-up Board's request based on his previous work for Glitnir. Á íslensku
The Winding-Up Board has decided to set up a new amended Claim Transfer Request Form that has all necessary documents in one document. This includes the Claim Transfer Request Form, the Signature Verification Form, details about how to fill in the forms and a power of Attorney in case the transferee has a legal representative registered.
By setting up this new Form up on the website the Winding-up Board hopes that the process will become more prudent, since parties can now access and fill out all relevant forms in one document. To access the new form please use the following link: