Kaupthing hf WuC

Kaupthing Composition Effective Date

Posted 23/12/2015 - 14:34 by anrigaut

2015-12-23 (All day)

The Composition Agreement of Kaupthing hf., which was confirmed by the District Court of Reykjavik on 15 December 2015, has as of today’s date, 23 December 2015, become final and binding under Icelandic law. The Effective Date of the Composition Agreement is therefore 23 December 2015.

Kaupthing will make a further announcement once it receives the relevant exemptions from the Central Bank of Iceland to permit it to make distributions in accordance with the Composition Agreement.

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Kaupthing hf Composition confirmed by the District Court

Posted 15/12/2015 - 19:52 by anrigaut

2015-12-15 (All day)

The Composition Proposal of Kaupthing hf. which was approved at the Composition Voting Meeting on 24 November 2015 has today 15 December 2015 been confirmed by the District Court of Reykjavik as the Composition Agreement of Kaupthing hf.

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Composition Voting Meeting 24 November 2015 – Composition Proposal approved

2015-11-24 (All day)

Composition Creditors of Kaupthing representing 93.66% of the total amount of claims on the Voting Registry participated in the vote.

The Composition Proposal was approved at the meeting with all valid votes cast in favour.

In accordance with this outcome the Winding-up Committee of Kaupthing will submit a request for confirmation of the Composition Agreement to the District Court of Reykjavik.

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Provisional approval received from the Central Bank of Iceland

Posted 13/11/2015 - 13:48 by anrigaut

2015-11-12 (All day)

On 12 November 2015, Kaupthing received a formal response from the Central Bank of Iceland (“CBI”) to the request submitted by Kaupthing to the CBI on 21 October 2015 for certain exemptions from the Foreign Exchange Act (the “October 2015 Exemption Request”), as announced on Kaupthing´s public website on 28 October 2015, giving its provisional approval to that request.

In its response, the CBI stipulates that the adjusted stability contribution described in the October 2015 Exemption Request as a precondition to the granting of the requested exemptions (the “Revised Stability Contribution”) will not jeopardise financial stability and that the requested exemptions will be granted subject to, among other things, Kaupthing´s proposed composition being approved by the Icelandic courts, .....

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Kaupthing launches its composition proposal

Posted 28/10/2015 - 20:53 by anrigaut

2015-10-28 (All day)

Creditors have previously indicated that the implementation of a composition proposal, as opposed to bankruptcy proceedings, is the preferred route to achieve distributions from the Kaupthing estate. ....

.......

Today, the CBI announced that it has concluded that the Revised Stability Contribution satisfies the requirements set forth in the Foreign Exchange Act, and that the fulfilment of the composition agreement together with the proposed countervailing measures will not jeopardise monetary, exchange rate or financial stability, which are the conditions for providing the necessary exemptions from currency control restrictions.

Kaupthing now awaits a formal response from the CBI to the October 2015 Exemption Request. Once the exemptions contemplated by the October 2015 Exemption Request are granted by the CBI, Kaupthing will be able to make payments to its unsecured creditors pursuant to an approved composition agreement, subject to making the Revised Stability Contribution in favour of the CBI, or other such entity as the CBI may designate. Kaupthing will provide creditors with an update on the progress of the exemption application in due course.

Composition launched

On Friday, 23 October 2015, Kaupthing gave notice to its creditors of the launch of its composition proposal by making the proposal document and related information memorandum available to those creditors which are entitled to vote on the composition proposal according to the Act on Bankruptcy (No. 21/1991), via its secure website ...

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Kaupthing is convening two open creditors’ meetings in November 2015, including (i) an open creditors’ meeting on or around 11 November 2015, to provide an update on the composition process and seek creditors’ support in relation to the making of the Revised Stability Contribution and (ii) if that is supported, a second open creditors’ meeting on Tuesday, 24 November 2015 to vote on Kaupthing’ composition proposal.

The Winding-up Committee is, as ever before, committed to do its utmost to ensure that the winding-up proceedings can be concluded through an approved composition agreement before the year end, subject to the Revised Stability Contribution and the composition proposal being supported by the requisite majority of creditors in creditors’ meetings and subject to the CBI granting the necessary exemptions from currency control restrictions.

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Kaupthing files an exemption request from capital controls

2015-09-08 23

An exemption application from certain restrictions under the Act on Foreign Exchange (No. 87/1992) was submitted by Kaupthing to the Central Bank of Iceland on Friday, 4 September 2015. The exemption is required in order to make distributions to creditors domiciled outside of Iceland and in order to fulfil the terms of an approved composition agreement. The exemption application is based on a proposal submitted by representatives of certain of the larger creditors of Kaupthing (the “Kaupthing Creditors Proposal”) outlined in the announcement by the Ministry of Finance and Economic Affairs ("Iceland in Continuing Consultations Regarding - Capital Control Liberalization (Kaupthing)") on 8 June 2015. Kaupthing will provide creditors with an update on the progress of the application in due course.

Note: The Ministry of Finance announcement is here: http://www.ministryoffinance.is/news/nr/19597

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English Commercial Court gives judgement on jurisdictional issues in Tchenguiz case

Posted 02/07/2015 - 08:25 by anrigaut

2015-06-30 23

In November 2014 Vincent Tchenguiz and related parties launched a claim in the English Commercial Court against Kaupthing, Jóhannes Rúnar Jóhannsson (a member of Kaupthing’s Winding-up Committee), Grant Thornton UK LLP and two partners of Grant Thornton UK LLP. ...

In January, Kaupthing and Mr Jóhannsson applied to have the claim dismissed or stayed on jurisdictional grounds. Today the Court has ruled that the Tchenguiz parties are prohibited from suing Kaupthing in England. The effect of this judgment is that proceedings on the substantive claims against Kaupthing cannot take place in England.

As regards Mr Jóhannsson, the Court has held that as a matter of territorial jurisdiction there is no bar to the claim as against Mr Jóhannsson continuing in the English courts. ...

Kaupthing is entirely satisfied that the allegations against Kaupthing and Mr Jóhannsson have absolutely no basis in fact or in law and should never have been made.

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Bankruptcy solves no problem

Posted 01/05/2014 - 12:11 by anrigaut

2014-04-30 23

Translation of a further article by Johannes Runar Johannsson of Kaupthing Winding-up Committee.

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Kaupthing hf 22 Apr 2014: translations of two newspaper articles ...

Posted 23/04/2014 - 10:02 by anrigaut

2014-04-21 23

English translations of two very clear and interesting articles by a member of Kaupthing‘s winding-up committee, recently published in the Icelandic press, are available on the Kaupthing hf website.

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Kaupthing WuC Opinion on the Bill proposing amendments to the Bank Tax Act

2013-11-22 (All day)

The Opinion of the Winding-up Committee submitted to the parliamentary Economic and Trade Committee on 28 October 2013 discusses certain flaws in Chapter V of the Bill proposing amendments to the Bank Tax Act No. 155/2010.

The Bill proposes to levy a special tax on financial undertakings in winding-up proceedings ...

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