Claiming process
Can I lodge a claim against Kaupthing hf.?
No. The deadline for submitting claims was Wednesday 30 December 2009. Claims not filed within the aforementioned time limit are considered null and void according to Article 118 of the Act no. 21/1991 on Bankruptcy etc. unless the exceptions specified in sub-paragraphs 1-6 of the said article are applicable.
How can I be sure that you received my claim?
If you lodged a claim against Kaupthing before the deadline (midnight 30 December 2010) you should have received a notice from the Winding-up Committee, stating its decision on your claim, by mail.
Please contact the Winding-up Committee via e-mail if you did not receive such a notice.
Please contact the Winding-up Committee via e-mail if you did not receive such a notice.
How can I find out the Winding-up Committee’s decision on my claim?
Claimants should receive a notice of the Winding-up Committee’s decision on their claims by mail. Information is provided on where to access the list of claims along with username and password.
What does the list of claims include?
The list states the nature of claims, their amounts, and their requested priority, in accordance with Article 119 of the Bankruptcy Act in addition to the Winding-up Committee’s decision on each claim.
Where can I access the list of claims?
An updated list of claims is accessible to creditors on Kaupthing’s secure website for creditors. Creditors receive information about where to access the list of claims, along with usernames and a password, in a notice stating the Winding-up Committee’s decision on claims.
What is Kaupthing's secure website for creditors?
The Winding-up Committee posts information for creditors on a website, accessible only by creditors. Information on how to access this website is included in the Winding-up Committee’s notice of its decision on individual claims which is sent to creditors by mail.
What is the procedure after a claim has been lodged?
When the deadline for submitting claims passed on 30 December 2009, the Winding‐up Committee prepared a list of submitted claims. The list stated the nature of each claim, their amounts, and their requested priority, in accordance with Article 119 of the Bankruptcy Act in addition to the Winding-up Committee’s decision on each claim.
If the Winding‐up Committee does not recognise a claim in full, in the form it is stated, the relevant claimant will be notified at least one week before a Creditors’ Meeting is held to consider the list of submitted claims.
Any claimant unwilling to accept the decision taken by the Winding-up Committee on his/her claim, shall state his/her objections at the latest at the Creditors´ Meeting, held to consider the list of submitted claims.
Objections received in writing from a creditor who does not attend the meeting in person will be taken into account at the meeting. Creditors who attend the meeting may also object decision made by the Winding-up Committee.
A decision, taken by the Winding-up Committee with respect to a claim, which is not objected to at the Creditors’ Meeting, or in a letter received by the Winding-up Committee no later than the time of the meeting, is final.
If the Winding‐up Committee does not recognise a claim in full, in the form it is stated, the relevant claimant will be notified at least one week before a Creditors’ Meeting is held to consider the list of submitted claims.
Any claimant unwilling to accept the decision taken by the Winding-up Committee on his/her claim, shall state his/her objections at the latest at the Creditors´ Meeting, held to consider the list of submitted claims.
Objections received in writing from a creditor who does not attend the meeting in person will be taken into account at the meeting. Creditors who attend the meeting may also object decision made by the Winding-up Committee.
A decision, taken by the Winding-up Committee with respect to a claim, which is not objected to at the Creditors’ Meeting, or in a letter received by the Winding-up Committee no later than the time of the meeting, is final.
How can I object to a decision on a claim?
Creditors can object to decisions made by the Winding-up Committee by filling out the objection form found on the Bank‘s secure website for creditors. Objections must be delivered to the Winding-up Committee‘s address (Borgartun 26, 105 Reykjavik, Iceland) or as an attachment with an e-mail to winding-up@kaupthing.com at the latest during the next Creditors‘ Meeting.
A decision on a claim, taken by the Winding-up Committee, which is not objected to at the Creditors’ Meeting, or in a letter received by the Winding-up Committee no later than the time of the meeting, is final.
A decision on a claim, taken by the Winding-up Committee, which is not objected to at the Creditors’ Meeting, or in a letter received by the Winding-up Committee no later than the time of the meeting, is final.
Do I need to file another objection before the next Follow-up Creditors´ Meeting if I already filed an objection before the last meeting?
No. If you are on the list of filed objections no further steps are required before the next Follow-up Creditors´ Meeting.
What happens after I file an objection?
If an objection is raised at, or before, a Creditors’ Meeting against the Winding‐up Committee's decision, the Winding‐up Committee will attempt to settle the dispute, in due course at a separate meeting. Relevant creditors will be summoned to such a meeting. Creditors who have objected to a decision may request a meeting with the Winding-up Committee, as an attempt to settle the dispute.
If the dispute cannot be settled in this manner, the Winding‐up Committee shall refer the matter to the District Court of Reykjavik.
The Winding-up Committee is currently reviewing all objections and will, in accordance with Art. 120 of the Bankruptcy Act, summon relevant creditors to a separate meeting in order to attempt to settle disputed claims. If you have filed an objection with the Winding-up Committee, it is possible to request a meeting with the Winding-up Committee, as an attempt to settle the dispute.
If the Winding-up Committee will not change is position on a claim, the creditor will be provided with further information on the dispute procedure.
Attention is drawn to the fact that all meetings are in Icelandic and will be held at the offices of the Winding-up Committee, Borgartun 26, 105 Reykjavík, Iceland.
If the dispute cannot be settled in this manner, the Winding‐up Committee shall refer the matter to the District Court of Reykjavik.
The Winding-up Committee is currently reviewing all objections and will, in accordance with Art. 120 of the Bankruptcy Act, summon relevant creditors to a separate meeting in order to attempt to settle disputed claims. If you have filed an objection with the Winding-up Committee, it is possible to request a meeting with the Winding-up Committee, as an attempt to settle the dispute.
If the Winding-up Committee will not change is position on a claim, the creditor will be provided with further information on the dispute procedure.
Attention is drawn to the fact that all meetings are in Icelandic and will be held at the offices of the Winding-up Committee, Borgartun 26, 105 Reykjavík, Iceland.
Is the Winding-up Committee reviewing any objections and does it have meetings with creditors?
The Winding-up Committee is currently reviewing all objections and has been meeting with creditors, including former Kaupthing Edge customers, as an attempt to settle disputed claims.
As the Winding-up Committee was unable to settle the disputes with these former Kaupthing Edge customers, their cases have been referred to the District Court of Reykjavik, as provided for in Article 171 of the Bankruptcy Act. The Winding-up Committee reserves the right to change its position on any claim in accordance with the Court´s decision, when applicable and only, when a creditor had objected to the decision of the Winding-up Committee beforehand
The Winding-up Committee will continue to review objections and organize meetings with creditors, as an attempt to settle disputed claims. If the Winding-up Committee does not change is position on a claim, the creditor will be provided with further information on the dispute procedure.
If you have filed an objection with the Winding-up Committee, it is possible to request a meeting with the Winding-up Committee, as an attempt to settle the dispute.
Attention is drawn to the fact that all meetings are in Icelandic and will be held at the offices of the Winding-up Committee, Borgartun 26, 105 Reykjavík, Iceland.
As the Winding-up Committee was unable to settle the disputes with these former Kaupthing Edge customers, their cases have been referred to the District Court of Reykjavik, as provided for in Article 171 of the Bankruptcy Act. The Winding-up Committee reserves the right to change its position on any claim in accordance with the Court´s decision, when applicable and only, when a creditor had objected to the decision of the Winding-up Committee beforehand
The Winding-up Committee will continue to review objections and organize meetings with creditors, as an attempt to settle disputed claims. If the Winding-up Committee does not change is position on a claim, the creditor will be provided with further information on the dispute procedure.
If you have filed an objection with the Winding-up Committee, it is possible to request a meeting with the Winding-up Committee, as an attempt to settle the dispute.
Attention is drawn to the fact that all meetings are in Icelandic and will be held at the offices of the Winding-up Committee, Borgartun 26, 105 Reykjavík, Iceland.
How much will I get back?
Kaupthing hf is currently in winding-up proceedings pursuant to a decision of the District Court of Reykjavik on 22 November 2010. According to the Icelandic Act on Financial Undertakings no interim payments can be made to creditors with claims under Art. 113 during winding-up proceedings. Payments to Art. 113 creditors are only possible as part of or after a composition or during an insolvent liquidation. The current winding-up proceedings are in essence a temporary period for the estate and shall conclude by means of composition with creditors or insolvent liqudiation.
At this stage, it is not possible to estimate the value of claims against Kaupthing and the recoverable value of Kaupthing's assets. Due to this, it is not possible to estimate the total payments to creditors.
The most recent valuation of the Kaupthing's assets is as at 30 June 2011 and has been presented in the Creditors’ Reports. No attempts were made at that time to assess the possible future value of assets, nor to estimate likely recovery of creditors’ claims.
More information about Kaupthing, its current status and potential closing of the winding-up proceedings can be found in the Creditors Report on www.kaupthing.com. Further information on the timing of payments to creditors will be released when they become available.
At this stage, it is not possible to estimate the value of claims against Kaupthing and the recoverable value of Kaupthing's assets. Due to this, it is not possible to estimate the total payments to creditors.
The most recent valuation of the Kaupthing's assets is as at 30 June 2011 and has been presented in the Creditors’ Reports. No attempts were made at that time to assess the possible future value of assets, nor to estimate likely recovery of creditors’ claims.
More information about Kaupthing, its current status and potential closing of the winding-up proceedings can be found in the Creditors Report on www.kaupthing.com. Further information on the timing of payments to creditors will be released when they become available.
When will I be paid?
Kaupthing is currently in winding-up proceedings pursuant to a decision of the District Court of Reykjavik on 22 November 2010. According to the Icelandic Act on Financial Undertakings no interim payments can be made to creditors with claims under Art. 113 during winding-up proceedings. Payments to Art. 113 creditors are only possible as part of or after a composition or during an insolvent liquidation. The current winding-up proceedings are in essence a temporary period for the estate and shall conclude by means of composition with creditors or insolvent liqudiation.
At this stage, it is not possible to estimate the value of claims against Kaupthing and the recoverable value of Kaupthing's assets. Due to this, it is not possible to estimate the total payments to creditors.
The most recent valuation of the Kaupthing's assets is as at 30 June 2011 and has been presented in the Creditors’ Reports. No attempts were made at that time to assess the possible future value of assets, nor to estimate likely recovery of creditors’ claims.
More information about Kaupthing, its current status and potential closing of the winding-up proceedings can be found in the Creditors Report on www.kaupthing.com. Further information on the timing of payments to creditors will be released when they become available.
At this stage, it is not possible to estimate the value of claims against Kaupthing and the recoverable value of Kaupthing's assets. Due to this, it is not possible to estimate the total payments to creditors.
The most recent valuation of the Kaupthing's assets is as at 30 June 2011 and has been presented in the Creditors’ Reports. No attempts were made at that time to assess the possible future value of assets, nor to estimate likely recovery of creditors’ claims.
More information about Kaupthing, its current status and potential closing of the winding-up proceedings can be found in the Creditors Report on www.kaupthing.com. Further information on the timing of payments to creditors will be released when they become available.
How can I follow the claiming and the winding-up process?
Kaupthing's website provides information on the claiming and winding-up process. Interested parties can furthermore subscribe to press releases and other updates on the process published on the website.
How can I contact the Winding-up Committee?
If you have any questions regarding the status of your claim or the claiming process you should contact the Winding-up Committee via the email address: winding-up@kaupthing.com.
Who should I contact if I have further questions?
Further questions can be sent to the e-mail address: creditorcontact@kaupthing.com
Questions regarding claims and the claiming process should be sent to: winding-up@kaupthing.com
Questions regarding claims and the claiming process should be sent to: winding-up@kaupthing.com
Disclaimer: This information is for informational purposes only and shall not be made legally binding towards Kaupthing hf., the Resolution Committee or the Winding-up Committee. Please note the terms of the general disclaimer governing use of this website and the information contained on the website.