Is there a three-month deadline on claiming against Iceland?

  • Anonymous
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Posted: Mon, 05/01/2009 - 14:33

I have had in my mind recently, something about a three-month deadline. I may be confused about something completely separate, and I am sorry if this question leads to anyone being unnecessarily concerned that we are now almost at the three-month period.

Does anyone else recall something about us having three months to pursue Kaupthing Iceland?

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Claims against Iceland

  • Anonymous
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  • Mon, 05/01/2009 - 15:14

Here are some websited that might be of interest. I don't know if we can file a claim ourselves against the Iceland scheme or not.

Yes, Fred, it is the Icelandic compensation scheme

  • Anonymous
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  • Tue, 06/01/2009 - 08:22

Thanks Fred for that link, and Elgee too for the other details. Fred's link is exactly the thing I was thinking about.

I consider that we ought to file a claim individually...

"Are deposits in foreign branches of Icelandic banks guaranteed by the Fund?
Yes. The Fund’s guarantees extend to all customers of Icelandic banks and their branches, both domestic and foreign, irrespective of legal address. Foreign deposits with subsidiaries of Icelandic banks are guaranteed by the guarantee funds in the countries concerned.

Do others agree?

Icelandic Compensation...

  • Anonymous
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  • Tue, 06/01/2009 - 08:54

I think that this implies that subsidiary banks operating (registered by regulatory authority) in countries other than Iceland are covered by the guarantee scheme (if any) of those countries. Those that were operating on the 'passport' scheme under the Icelandic FME (such as IceSave) are entitled to the guarantee up to €20K I believe.

3 months time limit

  • Anonymous
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  • Mon, 05/01/2009 - 15:33

I believe that you are thinking of the time limited in which to issue an application in the English High Court for judicial review of a government decision (in this case the seizing of KSF(UK)). The IOM does not have judicial reviews, although it does have something similar. I do not know the IOM time limits.

As for claims under the parental guarantee, there is no time limit expressed in the guarantee itself, but such claims are obviously subject to statutory time limits (in England the statutory limitation period is 6 years in the case of contract and 12 years in the case of a deed. I believe it is the same in the IOM). As this deed (the PG) appears to have been executed in Iceland, it would be subject to their statuory limits and I have no idea how long they are. Any such claim would have to be made by the bank (the liquidator if the bank is in liquidation).

3 Months time limit

  • Anonymous
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  • Mon, 05/01/2009 - 16:19

I think the statutory time limit for a deed in the IOM is 21 years (although perhaps this is only in relation to real property). I don't know whether the deed would have meet with the IoM requirements for execution formalities, although there have been some changing judicial views on the imporatnace of execution formailties in recent years (in the UK at least).

I note that there is no proper law statement in the PG anyway, so I wonder if on a contra preferentum basis whether there could be an argument any longer limitation period in the Isle of Man would apply; also that in respect of the liquidation K hf have indicated that they have submitted to the IoM jurisdiction by making an appearance as a creditor.

In any case I wonder what value the PG will have - it is only as good as the standing of the guarantor, and as you are no doubt aware there is (at least in the UK/IOM) no automatically liability for Iceland as a state as a result of this guarantee.

There is, as far as I am away no statutory time bar on a petition of doleance (equiv to a UK JR) however it has to be brought within a reasonable time, the time being at the deemster's discretion - but clearly anyone who may have an interest in this matter, or any other in this email should not rely on this and should not take any action, or refrain from taking any action based upon this statement, and should obtain their own legal advice.

Just my views based on my knowledge experience, I am not a lawyer.

I think that M Simpson has said that he has received a legal opinion which indicates that the PG is enforceable.

two yrs

  • Anonymous
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  • Mon, 05/01/2009 - 14:41

Sami, I thought it was two yrs before isle of man can sue to give them time to get their feet on the ground with their loans. They have been put on notice though by simpson.