Winding-up Committee
On 25 May 2009, the Reykjavík District Court approved a request from the Resolution Committee and appointed a Winding-up Committee for the Estate as provided for in Act No. 44/2009, amending the Act on Financial Undertakings.
In January 2012, the Winding-up Committee requested that the District Court of Reykjavik increased the number of members of the Winding-up Committee from two to four. The Court approved the request by appointing Johannes Runar Johannsson, Supreme Court Attorney and Theodor S. Sigurbergsson, Certified Public Accountant, former members of Kaupthing's Resolution Committee.
Kaupthing's Winding-up Committee comprises:
- David B. Gislason, Attorney to the District Court of Iceland
- Feldis L. Oskarsdottir, Attorney to the District Court of Iceland
- Johannes R. Johannsson, Attorney to the Supreme Court of Iceland
- Theodor Sigurbergsson, Certified Public Accountant
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.
Initial tasks of the Winding-up Committee was to administer the formal claiming process, handle all claims against Kaupthing and make decisions regarding their recognition. The role of the Winding-up Committee was expanded with the amendments to Act on Financial Undertakings where as it took over respective tasks previously done by the Resolution Committee, including tasks related to the asset side and Kaupthing's daily operations.
The Winding-up Committee invited creditors of Kaupthing to lodge their claims in writing within six months of the first publication of a formal notice in the Icelandic Legal Gazette on 30 June 2009. Accordingly, the deadline to lodge claims was 30 December 2009. Once the time limit for lodging claims expired the Winding-up Committee compiled a list of claims lodged.
In March 2010, the Winding-up Committee laid out its target to complete its decision on all claims by the Creditors’ Meeting on 3 December 2010. That objective has been reached. However, as many objections were filed, the decisions in question are not final until disputes have been settled.
Internal structure and divisions
In order to perform its primary duties and to achieve its objectives, the Winding-up Committee must possess the requisite expertise to manage the assets and to provide the necessary services. Therefore, Kaupthing has hired experts in various fields to manage the assets, which include portfolio of cash, loans, derivatives, securities and equity stakes in subsidiaries in addition to other assets.
Five divisions have been created which report to the Winding-up Committee and each division is headed by a manager responsible for the operation of that division. The Winding-up Committee holds weekly update meetings with the management team to review and discuss recent and overall progresses and highlights. The Winding-up Committee also retains external advisors to ensure that creditors' interests are served at all times. The Winding-up Committee holds weekly update meetings with the management team to review and discuss recent and overall progresses and highlights. The Winding-up Committee also retains external advisors to ensure that creditors' interests are served at all times.
To further strengthen the infrastructure and the operations of Kaupthing, several internal committees have been established. The internal committees hold regular meetings and work within formal guidelines and procedures to resolve the tasks at hand.