Judgement from the Supreme Court
On the 4th of May 2016, the Supreme Court of Iceland issued a judgement in the dispute between SPB and the Asset Holding Company of the Central Bank of Iceland (AHC). The dispute concerns the claim of AHC no. 190 in SPB´s List of Claims, originally in the amount of ISK 200 billion but at the time of the final hearing before the court in the amount of ISK 165 billion.
The decision of the Court is that the claim is valid and as such the Court accepted it as a general claim in the winding-up proceedings of SPB in the amount of ISK 165 billion. Additionally, SPB was ordered to pay legal costs in the amount of ISK 2,5 m.
This decision of the Supreme Court is the final conclusion in the dispute and payments to creditors of SPB according to SPB´s composition will reflect the decision of the Court.
The Winding-up Board of SPB hf.
Tómas Jónsson hrl.
Berglind Svavarsdóttir hrl.
Information on the court case no. X-575/2010
The first payment, i.e. payment (A), according to the composition agreement of SPB has been paid and the next payment, i.e. payment (B), is subject to the outcome of the dispute between SPB and AHC in case no. X- 575/2010, in the Supreme Court no. 130/2016. The Supreme Court has already decided that the case will be presented orally and heard by 5 judges of the Court. Based on available information the hearing will take place early next May and the decision of the Court is expected shortly after that.
Composition Proposal confirmed by the District Court
The composition agreement for SPB hf. (the “Composition”), which was accepted by SPB‘s creditors in a voting on the 16th of December 2015, was confirmed by the Reykjavík District Court on the 28th of January 2016. The Composition became effective on the 4th of February 2016, a week after the date of the District Court´s order confirming it, as is provided for in art. 59 in the act on bankruptcy etc., no. 21/1991.
District Court ruling regarding claim no. 190
On the 2nd of February 2016 the District Court of Reykjavik issued a ruling in the dispute between SPB and the Asset Holding Company of the Central Bank of Iceland (AHC). The dispute concerns the claim of AHC no. 190 in SPB´s list of claims, originally in the amount of ISK 200 billion but now in the amount of ISK 165,7 billion.
With a decision made on the 21st of March 2009, the Financial Supervisory Authority (FME) assumed the power of a shareholders meeting of SPB (formerly Icebank). On the 27th of March FME appointed a Resolution Committee for SPB, which has taken over all authority of the Board of Directors in accordance with the articles of Company Law - Act No. 2/1995 Respecting Public Limited Companies, in accordance with Article 100 a of the Act on Financial Undertakings.
Transfer of Claims
From 3 November 2009 if a creditor wishes.....