Winding-up Board

On 29 April 2009, the Reykjavík District Court appointed a Winding-up Board for Landsbanki Íslands hf. as provided for in Act No. 44/2009, amending Act No. 161/2002, on Financial Undertakings, and in accordance with the amendments which it made to the status of the bank and to its moratorium. Supreme Court Attorneys Halldór H. Backman and Herdís Hallmarsdóttir were appointed to the Winding-up Board, while the Appointee in moratorium, Kristinn Bjarnason, Supreme Court attorney, automatically became a member of the Winding-up Board under the afore-mentioned Act.

With a ruling of the District Court of Reykjavík of 22 November 2010 the bank went into winding-up pursuant to general rules in the Act on Financial Undertakings. At the same time the authority for continuing moratorium was cancelled, which would otherwise have expired on December 5th the same year. The position of an Appointee in moratorium was cancelled at the same time but the Kristinn Bjarnason hrl. retained his position in the bank’s Winding-up Board pursuant to law.

From the appointment of the Resolution Committee on April 29th 2009 and until the end of year 2011 the Resolution Committee and Winding-up Board had joint control and representation for the bank, however in such a way that the work was in accordance with the division of tasks provided for in the temporary provisions of the aforementioned Act on Financial Undertakings. The Resolution Committee of Landsbanki Íslands hf. was disbanded at the end of year 2011 pursuant to Art. 8 of Act no. 78/2011 on amending the Act on Financial Undertakings no. 161/2002 and its tasks were transferred to the Winding-up Board.

The Winding-up Board directs the winding-up proceedings and the affairs of the Bank in general pursuant to the provisions of the Act on Financial Undertakings no. 161/2002 with amendments. The work and positions of those who were in the Resolution Committee and those who are in the Winding-up Board are subject to the same rules as apply to liquidators pursuant to the Act on Bankruptcy etc. No. 21/1991.