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The firm

Mr Bjarnason is the founding partner of Lagahvoll slf., establishing the firm in January 2012, with Mr SigurĂ°sson joining in 2014 and the first associate joining in 2015.

After being established in 2012, the firm has focused on working extensively on company law, as well as financial and restructuring issues, both for financial companies (banks, securities firms and brokerage) and companies in restructuring or winding up proceedings.

Mr Bjarnason and Mr SigurĂ°sson are two of a handful of lawyers in Iceland that have operated as general counsels and compliance officers for over a ten-year period within banks in Iceland and continued their positions through and post the financial crash in 2008.

Areas of practice

Lagahvoll is best known for its partners’ extensive knowledge and experience within the financial industry, as well as its unique and exclusive entrepreneurial (corporate development) expertise.

Firstly, the partners of Lagahvoll have a combined 20 plus-years’ experience of running in-house legal divisions and appointed compliance officers within the financial industry in Iceland. As such, they have unique inside know-how, experience and understanding of financial institutions’ needs, as well as how they operate. Lagahvoll has worked with financial firms, advising on various matters such as how to incorporate and structure investment vehicles, reviewing commercial client business terms and corresponding with supervising entities. Lagahvoll has also worked with clients that are negotiating terms or working with financial institutions. Moreover, Lagahvoll has gathered expertise on the Alternative Investment Fund Managers Directive (AIFMD) having provided advice to two investment vehicles regarding their future approach to the changing environment which AIFMD will propose. Finally, Lagahvoll has provided due diligence investigations in various industries for potential acquirers evaluating target companies, as well as drafting and providing assistance in all respects with regards to share purchase agreements, shareholders agreements and related documentation.

Secondly, the partners have a unique venture and entrepreneurial area within the firm. Lagahvoll has focused on finding and creating new companies (ventures) where there are opportunities in the market. In that respect, the firm has worked with third entities in identifying opportunities in different markets, finding further partners and other stakeholders (such as investors, management team) and establishing and developing new companies. In 2015 the total value of the projects that Lagahvoll completed surpassed USD 28m (3.5bn ISK).

Thirdly, the partners have extensive experience in advising corporate clients on various company law matters, inter alia , incorporation of companies, share purchase agreements, shareholders’ agreements, lease agreements as well as various matters relating to shareholdersÂŽ interactions, corporate governance, restructuring of companies’ balance sheets and due diligence investigations on all relevant matters. The client base of Lagahvoll stems from these services and are comprised of companies from all sectors of the Icelandic economy, including Áltak (leading company in aluminium production), MĂșlakaffi (leading company in food services and related recreational enterprises), EmmessĂ­s (the second largest ice cream manufacturer in Iceland), FlugkĂœr / Hamborgarafabrikkan (one of the largest hamburger and related fast food chain in Iceland).

Finally, Mr.SigurĂ°sson, as a member of the Complaints Committee on Transactions with Financial Firms (appointed by the financial industry in Iceland), has exclusive expertise on advising clients that are in dispute with financial firms.

Languages Icelandic

Number of lawyers3

Above material supplied by Lagahvoll.

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