About Kaupthing

Kaupthing hf. (“the Estate”, "Kaupthing") is currently in winding-up proceedings during which Kaupthing is headed by the Winding-up Committee.

According to amendment to Act on Financial Undertakings the Resolution Committee was dissolved on the 1st January 2012 and the Winding-up Committee took over respective tasks previously done by the Resolution Committee.

On 9 October 2008, Kaupthing Bank’s board of directors resigned on its own initiative due to the bank's financial difficulties and a Resolution Committee was appointed for the Estate by the FME in accordance with Act no. 125/2008 on the Authority for Treasury Disbursements due to Unusual Financial Market Circumstances etc. passed in reaction to the collapse of the banking system in Iceland. The Resolution Committee immediately assumed control of the Estate and wields all the authority of the Estate's board of directors.

The Resolution Committee and the Winding-up Committee jointly directed the Estate's affairs, cf. the divisions of tasks provided for in Points 3 and 4 of Temporary Provision V of the Act on Financial Undertakings.

The Winding-up Committee administers the formal claiming process, handles all claims against the Estate and makes decisions regarding their recognition. With the amendments to Act on Financial Undertakings the Winding-up Committee took over respective tasks including the tasks related to the asset side and Kaupthing's daily operations.