Restructuring and insolvency in Iceland


BBA//Fjeldco has a demonstrably strong track record in the insolvency and restructuring of financial undertakings, both at a domestic and cross-border level throughout the EEA, and remains equally adept on both transactional and contentious work in the space, specialising in corporate restructurings, workouts and insolvency matters. Practice co-head Einar Baldvin Árnason has seen active involvement in large-scale restructuring projects relating to financial institutions, retail corporations, airlines and oil companies, with fellow co-head Gunnar Thor Thorarinsson focuses on corporate law and handles general financial restructurings and insolvencies. Thorir Júlíusson is another key point of contact within the practice group.

Practice head(s):

Einar Baldvin Árnason; Gunnar Thor Thorarinsson

Other key lawyers:

Thorir Júlíusson

Key clients



Eaton Vance Management

KEA Hotels

TBJ Group

Turkish Development Bank

Nox Holding

Diversis Capital

Kvika bank

Office Djiboutien de Développementde l’Energie Géothermique (ODDEG)

The Collectivié de Strasbourg Metropole


Arion Bank



Lex Law Offices

The inter-disciplinary approach adopted by Lex Law Offices sees the restructuring and insolvency team well-placed to provide ancillary services on a range of matters, drawing from the firm's wide expertise in neighbouring practice areas spanning banking, capital markets, real estate, IP, tax and competition to advise on insolvency-related issues. The team’s core practice in the area revolves around general financial restructurings, acting as liquidators and advisers to creditors on bankruptcy procedures, liquidation proceedings, moratoria and cessation of payments, among others. Three partners jointly lead the group: bankruptcy expert Þórhallur Bergmann, financial restructuring specialist Guðmundur Ingvi Sigurðsson, and Birgir Már Björnsson, who has experience handling high-profile bankrupt estates. Litigator Arnar Þór Stefánsson also contributes to the practice.

Practice head(s):

Þórhallur Bergmann; Guðmundur Ingvi Sigurðsson; Birgir Már Björnsson

Other key lawyers:

Arnar Þór Stefánsson

Key clients

Estate of Jötunn vélar

Estate of Gluggasmiðjan

Estate of Hafnarskeid 6

Bankruptcy Estate of BH20

Bankruptcy Estate of GS Gluggar

Bankruptcy Estate of Stólpavík

Bankruptcy Estate of Betonorte

Bankruptcy Estate of Hjá Jóa Fel

PCC BakkiSilicon

Work highlights

  • Acted in the bankruptcy proceedings of Jötunn Vélar ehf, a commercial distributor of agricultural machines.
  • Represented PCC BakkiSilicon, a local silicon metal production plant, in a total restructuring and refinancing.
  • Acted in the bankruptcy proceedings of the estate of Hafnarskeid 6, which was a fish processing company with significant operations.


The ‘user-friendly team’ at LOGOS is ‘very experienced’ in the area of financial restructurings, bankruptcies and insolvency proceedings, frequently acting on behalf of businesses, major financial institutions and private individuals on a range of matters including bankruptcies, payment suspensions, negotiations and the implementation of arrangements with creditors. Work on behalf of creditors of insolvent estates and distressed enterprises, alongside mandatory set-offs and company liquidations are further focuses of the team. Practice head and Supreme Court attorney Heiðar Ásberg Atlason is well experienced in bankruptcy proceedings. Other key names of note include Ólafur Eiríksson, Ólafur Arinbjörn Sigurðsson and Benedikt Egill Árnason.

Practice head(s):

Heiðar Ásberg Atlason

Other key lawyers:

Ólafur Arinbjörn Sigurðsson; Ólafur Eiríksson; Benedikt Egill Árnason


‘LOGOS has an excellent and very broad practice in Iceland. We found their practitioners to all be of the highest quality and very commercial. They should be the first call for Icelandic work.’

‘Very experienced and user-friendly team.’

‘Heiðar Ásberg Atlason is very experienced, builds strong relationships and offers advice that is both commercial and pragmatic.’

‘Professional work practices and knowledge.’

‘Heiðar Ásberg Atlason is effective in managing his team and keeps in constant communication with colleagues.’

Key clients



Arion Bank




Barclays Bank


Frumtak Ventures

Estate of Brotafl


Islenskir adalverktakar

Estate of Aflmot byggingafelag

Estate of Kl2020

Estate of Fashion

Mentis Cura


Estate of Megna


Work highlights

  • Supervised the solvent liquidation of Kaupthing that was started in July 2022.
  • Represented HSBC Milan Branch in litigation against LBI in relation to close out of a 1992 ISDA Master Agreement.
  • Advised Siminn in respect to its restructuring through many steps, including its refinancing from Arion Bank and entrance into a share purchase agreement with Ardian.

ADVEL Attorneys at Law

ADVEL Attorneys at Law is regularly instructed on financial restructurings, corporate reorganisations, bankruptcies and distressed funding issues, while the team’s attorneys act as liquidators and appointed trustees of distressed and insolvent entities and estates. The team also co-operates with major domestic financial institution, Arion Bank, on reorganisation and funding matters. Highly experienced litigator Guðmundur Siemsen leads the practice group alongside Svanhildur Anna Magnúsdóttir.

Practice head(s):

Guðmundur Siemsen; Svanhildur Anna Magnúsdóttir

Key clients


Advania Ísland


Arion Bank


Juris has considerable experience in general restructuring and insolvency issues, particularly rescission issues, asset recovery work, financial restructurings and winding-up proceedings; the team also handles contentious matters. Commercial litigator Andri Árnason leads the practice group with Halldór Jónsson, whose expertise lies in restructuring matters and company liquidations. Stefán A. Svensson is a key port of call for complex financial litigation.

Practice head(s):

Andri Árnason; Halldór Jónsson

Other key lawyers:

Stefán A. Svensson

Key clients


Summa rekstrarfélag


ASKJA Holding

Work highlights

  • Advised Bakkastakkur and Icelandic pension funds on the restructuring of project finance for the PCC BakkiSilicon silicon plant.
  • Advised on the liquidation of ASKJA Holding.