The Winding-Up Board will operate a Transfer Moratorium from 3 August 2011 to 4 September 2011, 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 3 August 2011. All Claim Transfer Request Forms received after 3 August until, and including, 4 September 2011, will not be processed due to the Transfer Moratorium. If a Claim Transfer Request Form is received during this period, it will be held and treated for all purposes (including all time periods referenced in this notice) as though received on 4 September 2011. The Transfer Moratorium is due to the open creditors' meeting scheduled for 31 August 2011.
On Friday 10 June 2011 the Icelandic Parliament passed an amendment to Act No. 161/2002 on Financial Undertakings. This amendment includes a provision, only announced the preceding Wednesday, which prohibits the payment of interim distributions to creditors with claims under Article 113 of the Bankruptcy Act. Article 113 creditors are ordinary unsecured creditors.
The effect of this change in the law is to prevent Glitnir from making the planned interim distribution to unsecured creditors which has previously been announced. The Winding-up Board of Glitnir will assess the consequences of this change in law and will consider what alternative proposals may be made to Article 113 creditors of Glitnir.
Further to the Creditor Update released on 13 April 2011 in respect of Glitnir’s interim distributions to creditors, the Winding-Up Board and Resolution Committee of Glitnir hf. would like to provide creditors with a further update in relation to the expected timing of the first interim distribution.
A new claim transfer process will be operated by the Winding-Up Board and its agent Epiq Bankruptcy Solutions, LLC from the date of this notice. Please see the updated FAQs in the ‘Winding Up Proceedings’ section of this website for details of the new process.
Claim Transfer Request Forms
As part of the new process, an amended Claim Transfer Request Form is now available in the ‘Winding Up Proceedings’ section of this website. Parties submitting new transfer requests should use the amended Claim Transfer Request Form .
The Winding-Up Board has established certain fees to defray the costs associated with administering claim transfers. Please note that these fees have recently been reviewed by the Winding-Up Board. For new transfer requests, the fee for the transfer of the full amount of a claim is now USD 2,000; and the fee for the transfer of part of a claim is now USD 4,000.
On 28 March 2011, the Winding-Up Board and Resolution Committee published on its website an update for creditors on the progress being made regarding a first interim distribution. The Winding-Up Board and Resolution Committee have made some minor typographical amendments to Example 1 of the document to add clarity and have published an updated version.
The Winding up Board and its legal advisers have considered the detail of the judgement and will confirm publically over the next few days that they are to lodge an appeal with the Supreme Court in Iceland. As noted previously, the Winding Up Board considered that whichever party was unsuccessful at first instance would likely make an appeal to the Supreme Court.
The Resolution Committee is pleased to be able to publish a revised Business Plan as at 31 December 2010. The Business Plan contains the Resolution Committee’s assumptions regarding the timing and quantum of future cash receipts. This is an important document and creditors are advised to review it thoroughly.
The Winding-Up Board and Resolution Committee of Glitnir hf. are pleased to be able to provide creditors with an update on progress being made regarding a first interim distribution of cash to creditors. The update is provided in the attached document and contains:
- A progress update in relation to unresolved priority and unsecured claims, decisions by the Winding-Up Board and likely timescales going forward;
- An outline of the process for making a first interim distribution;
- Financial information regarding a first interim distribution; and
- Key features of the likely distribution mechanism.
Glitnir is pleased to announce the release of its Statement of Assets and Liabilities as at 31 December 2010 .
Creditors are advised to read the Statement for full details of Glitnir’s updated asset and liability position. However, a summary of the key financial highlights are below: Á íslensku