The Resolution Committee/Interim Board:

On March 21st 2009, the Financial Supervisory Authority assumed the powers of a shareholders’ meeting of SPRON, dismissed the Board and appointed a Resolution Committee. The FSA also assigned New Kaupthing Bank the depository obligations of SPRON, see here. Under Act no. 44/2009 that amended Act no. 161/2002 on Financial institutions, the Resolution Committee became an Interim Board, which had the same obligations as a Resolution Committee.

The Winding-Up Board

In June of 2009, the Interim Board‘s designated three month working period was up, in accordance with Art. 100 a. of the Financial Institutions Act No. 161/2002. On June 23rd, Reykjavik District Court accepted the Interim Board‘s request to appoint a Winding-Up Board to SPRON. The Winding-Up Board‘s primary function is to protect the interests of SPRON‘s creditors, and to oversee the lodging of claims in accordance with Art. 102, par 2, of the Financial Institutions Act No. 161/2002.

Lodging a claim

Who may lodge a claim against SPRON?
Everyone who believes they have a legitimate claim against SPRON, whether in relation to a debt or other rights, whether it is for SPRON or for other assets under the auspices of SPRON.

Time limits:
With reference to inquiries from creditors regarding time limits to lodge a claim against Reykjavik Savings Bank (SPRON) the Winding-Up Board of SPRON wants to emphasize that the first publishing of the Invitation to lodge a claim marks the beginning of the time limit to lodge a claim which is maximum six months.

Publication of the Invitation in foreign newspapers has varied in time and this seems to have created a certain confusion among creditors with regard to the ultimate deadline.

The Winding-Up Board of SPRON therefore reiterates its request that creditors lodge their claims no later than midnight 22nd of January 2010.

The date of respite is October 30th 2008 under the Financial Institutions Act, No. 161/2002, Art. 101, par. 4.  The initial date of the winding-up proceedings was decided on the basis of the ruling of the Reykjavík District Court on the appointment of the Winding-Up Board on 23rd June 2009, cf. the Act No. 44/2009, Art. 102, par. 3, sub-par. 2.

Creditors are urged to lodge their claim before January 22, 2010.

Contents:
Each claim shall fulfill the requirements of Art. 117, par. 2 and 3. of the Act on Bankruptcy, etc. No. 21/1991. In each claim, the full amount of the claim shall be stated as of June 23rd 2009. The contact information of the claimant shall be stated, or of his representative. All bank information needed shall be supplied, so as to facilitate the payment of the claim if and when it occurs.

The claim may be in Icelandic, English or the claimant‘s native language, but if it is in another language besides Icelandic or English, a English or Icelandic translation must accompany the claim.

Claims lodged must be in written form and sent to:
The Winding-Up Board of SPRON
Lágmúla 6
108 Reykjavík
Iceland

Sample of a claim

Act on bankruptcy (English)
The Financial Institutions Act (Icelandic – unavailable in English)