Liquidation proceedings
In accordance with Article 61-1 of the Law of 5 April, 1993 on the financial sector, as amended, the District Court of Luxembourg ("Court") has ordered the liquidation of Landsbanki Luxembourg S.A. ("LLUX") and has appointed Me. Yvette Hamilius as Liquidator.
Information about various aspects of the liquidation process can be found on this web site, which will be updated from time to time, as deemed appropriate by the Liquidator.
Latest updates
- July 22, 2010 - Press Release
On July 22, 2010, the Luxembourg District Court approved an agreement between the Luxembourg Central Bank, Landsbanki Islands and the Liquidator of Landsbanki Luxembourg, pursuant to which the Luxembourg Central Bank and Landsbanki Islands have, subject to certain conditions, consented to a restructuring of their claims against the estate of Landsbanki Luxembourg, which grants seniority to the claims of the other creditors of Lansdbanki Luxembourg.
An agreement has also been concluded with Reviva Capital S.A., pursuant to which Reviva Capital will service the loans granted by Landsbanki Luxembourg other than the equity release loans.
Because of this agreement and concessions made by other institutional creditors, the Liquidator should be in a position to pay out a substantial liquidation dividend to the creditors late this year or early next year.
- July 22, 2010 - Settlement Agreements
On July 22, 2010, the Luxembourg District Court approved several settlement agreements between the Liquidator of Landsbanki Luxembourg and various third parties. To read the extract of the judgement, click here (English version) or here (French version) .
- List of Claims
By Court order dated June 21, 2010, the District Court of and in Luxembourg, fifteenth section, sitting in commercial matters, has modified and completed the winding-up orders on the Limited Liability Company LANDSBANKI LUXEMBOURG S.A. with registered office at 2-4 rue Beck , L-1222 Luxembourg, with respect to the modus of liquidation as follows:
The periodic listing of admissible claims will be available for inspection at the Clerk's office of the District Court from the 15th to the 25th of each month. Creditors fulfilling the conditions as described in the Court order dated December 12, 2008, are entitled to consult the above mentioned list. Read more.
- Claims Procedure
Landsbanki Luxembourg SA in liquidation has begun processing claims and sending out letters of full or partial rejection to claimants. Claimants are reminded that, should they wish to challenge the rejection of their claim, they must do so by suing the liquidation within a period of 40 days from the date of the rejection letter.
For those claimants who do not have a valid address and have not elected domicile in Luxembourg, the letter of rejection will be addressed to the Clerk of the District Court of Luxembourg, and those claimants are strongly recommended to verify whether such a letter has been sent or not by contacting the Clerk of the Court directly.
Please note that the final date for receipt of claims has been set at May 14, 2010 (see item below). Claims received after that date will be declared inadmissible.
- Claims Deadline
By Court order dated 24 February, 2010, the Luxembourg District Court of and in Luxembourg, fifteenth section, sitting in commercial matters, has modified and completed the winding-up orders on the Limited Liability Company LANDSBANKI LUXEMBOURG S.A. with registered office at 2-4 rue Beck , L-1222 Luxembourg, with respect to the modus of liquidation as follows: The last date by which preferred and non preferred creditors must file their claims in order to receive dividends from Landsbanki Luxembourg S.A. in liquidation has been formally set at MAY 14, 2010 . Read more.
All data on this web site is provided without prejudice and is for informational purposes only. This information will be updated from time to time.
