Claims against Kaupthing
The Joint Liquidators have been in discussions with Jonsson
& Hall, the Icelandic law firm advising them upon KSFIOM's
claim under the Parental Guarantee provided by Kaupthing Bank hf
("the Parental Guarantee").
During those discussions Jonsson & Hall mentioned certain
facts that relate to all claims under the Parental Guarantee,
whether by KSFIOM or anyone else, which the Joint Liquidators feel
may be of interest to individual creditors of KSFIOM, and which are
set out below.
The Joint Liquidators would emphasise that the provision of
these facts should not be regarded as the provision of legal advice
by the Joint Liquidators or by Jonsson & Hall, and cannot be
relied upon by creditors of KSFIOM in reaching any decision as to
whether to claim under the Parental Guarantee in their personal
capacity. Creditors of KSFIOM considering doing so should take
their own legal advice in Iceland.
(1) All claims of whatever nature relating to Kaupthing Bank hf,
including claims under the Parental Guarantee, and claims for
breach of warranty relating to the Parental Guarantee, must be
lodged with the Winding-up Committee of Kaupthing Bank hf ("the
Winding-up Committee") by 30 December 2009.
(2) The Winding-up Committee is required by Icelandic statute to
accept or reject all claims relating to Kaupthing Bank hf by 22
January 2010, although Kaupthing Bank hf may apply for an extension
of time within which to consider claims.
(3) Any person who wishes to appeal against the decision of the
Winding-up Committee in relation to their claim must lodge their
appeal (referred to as an "objection") by the date of the Meeting
of Creditors of Kaupthing Bank hf on 29 January 2010. Failure to do
so means that the decision of the Winding-up Committee is
(4) Following the lodging of any objection, the Winding-up
Committee must attempt to settle the dispute with the creditor
concerned. If settlement proves impossible, the dispute will be
referred to the District Court of Reykjavik. An appeal ultimately
has to be heard in the Supreme Court of Iceland.
The Joint Liquidators have been informed by Counsel for the
Winding-up Committee that the Winding-up Committee is of the
opinion that only the Joint Liquidators can make a claim under the
Parental Guarantee, upon the basis that KSFIOM itself was the
recipient of the Parental Guarantee, and not the individual
creditors. Accordingly, it seems likely that any claims by
individual creditors under the Parental Guarantee will be rejected
by the Winding-up Committee. However, it would be open to any
individual creditors concerned to appeal against that decision.
The Joint Liquidators would again emphasise that the facts set
out above do not represent legal advice, and cannot be relied upon
by creditors of KSFIOM, who should take their own advice in
relation to any claim that they may wish to bring against Kaupthing
Bank hf in their personal capacity.
The best way to make contact is to write to the bank or
email firstname.lastname@example.org. If you need to
telephone the bank, please use the main switchboard number +44 1624
699222. Please note that the office will be closed for public
holidays on 25 and 28 December and on 1 January.