Leading Individuals

Next Generation Partners

Rising Stars

Restructuring and insolvency in Iceland


BBA//Fjeldco is recognised for its strength in complex cross-border insolvencies and restructurings, with a track record in advising leading domestic and international banks and corporate clients. The department covers both contentious and non-contentious matters, and works closely with the firm’s London office. Einar Baldvin Árnason co-leads the department alongside Gunnar Thor Thorarinsson; Árnason specialises in restructuring projects and has experience across the financial, retail, and aviation sectors, while Thorarinsson, who is dual-qualified in Iceland and the UK, is a key contact for international clients with investments in Iceland. Baldvin Björn Haraldsson has strength in restructuring work, particularly in the energy sector.

Practice head(s):

Einar Baldvin Árnason; Gunnar Thor Thorarinsson

Other key lawyers:

Baldvin Björn Haraldsson

Key clients



Eaton Vance Management

KEA Hotels

TBJ Group

Turkish Development Bank

Nox Holding ehf.

Diversis Capital

Kvika bank hf.


SportsDirect.com Retail Limited

The Collectivié de Strasbourg Metropole

Glitnir hf.

Arion Bank hf.

LBI ehf.

Kaupthing ehf.

Work highlights

  • Providing ongoing legal advice to LBI ehf., Old Byr and Klakki ehf. in relation to their wind-down and ultimate dissolution of the companies.
  • Provided legal advice to the Turkish Development Bank in relation to the creation of a Risk Sharing Mechanism for Geothermal Drilling Operations in Turkey.
  • Acting as lead legal adviser to the state authority ODDEG in Djibouti regarding the creation of a legal framework for geothermal exploration and harnessing geothermal reservoirs.

Lex Law Offices

Lex Law Offices is highly respected for its expertise in financial restructurings and bankruptcy procedures, with market-leading proficiency in liquidating high-profile estates and companies. Areas covered by the team include moratoria, cessation of payments, and forced agreements with creditors. Financial restructuring specialist Guðmundur Ingvi Sigurðsson leads the practice alongside Þórhallur Bergmann, an expert in bankruptcy proceedings, and Birgir Már Björnsson, whose practice covers both contentious and non-contentious bankruptcies. Other core team members include Arnar Þór Stefánsson, a key contact for litigation, and associate Kara Borg Fannarsdóttir.

Practice head(s):

Þórhallur Bergmann; Guðmundur Ingvi Sigurðsson; Birgir Már Björnsson

Other key lawyers:

Arnar Þór Stefánsson; Kara Borg Fannarsdóttir

Key clients

Estate of Jötunn vélar hf.

Estate of Torg ehf.

Estate of Hafnarskeid 6 ehf.

Bankruptcy Estate of BH20 ehf.

Bankruptcy Estate of GS Gluggar ehf.

Bankruptcy Estate of Stólpavík ehf.

Bankruptcy Estate of Betonorte ehf.

Estate of Héðinn Veitingar ehf.

Estate of GRGS ehf.

Bankruptcy Estate of GRGS ehf.

Work highlights

  • Advising on the bankruptcy proceedings of Torg ehf. one of the largest companies in the Icelandic media market.
  • Advising on the bankruptcy proceedings of Jötunn Vélar ehf., a commercial distributor of agricultural machines with an annual turnover of ISK2.7bn before its bankruptcy.
  • Advising on the bankruptcy proceedings of the owner and operator of the fine dining restaurant “Héðinn Kitchen and Bar” located in downtown Reykjavík.


LOGOS advises on the full range of insolvency matters, and is a leading name in the market for the financial restructuring of businesses and financial institutions, with experience in advising on complex cross-border matters spanning global jurisdictions. The group has diverse sector expertise, and has advised distressed enterprises across the private equity, telecoms and shipping industries, among others. Heiðar Ásberg Atlason leads the department, and covers all areas of bankruptcy law and financial restructuring; he is supported by managing partner Benedikt Egill Árnason, who is experienced in restructurings, and litigator Ólafur Eiríksson. Senior associate Katla Lovísa Gunnarsdóttir is also a key name to note.

Practice head(s):

Heiðar Ásberg Atlason

Other key lawyers:

Benedikt Egill Árnason; Ólafur Eiríksson; Katla Lovísa Gunnarsdóttir


‘Very professional attitude. Human touch.’

‘Heiðar Ásberg Atlason has great expertise, deep knowledge of the Icelandic judicial system and a very strong international approach.’

Key clients

Kaupthing ehf.

Siminn hf.

Arion Bank hf.

Origo hf.

Landsbankinn hf.

HSBC plc.

Barclays Bank plc.

1912 ehf.

Frumtak Ventures ehf.

Estate of Brotafl ehf.

Islenskir adalverktakar hf. (“IAV”)

Estate of Aflmot byggingafelag ehf.

Foobar Technologies II ApS

Estate of Kl2020 ehf.

Estate of Fashion ehf.

Mentis Cura AS

Landsnet hf.

Geislasteinn ehf.

Estate of Eins og fætur toga ehf.

Estate of Verktakaþjónusta Reykjavíkur ehf.

Estate of Viðhaldsvinna ehf.

ALMC hf.

Estate of Esju-einingar ehf.

Eyrir Invest hf.

Work highlights

  • Supervising the solvent liquidation of Kaupthing ehf. (formerly Kaupthing Bank hf.).
  • Representing HSBC Milan Branch in litigation against LBI ehf. in relation to close out of a 1992 ISDA Master Agreement.
  • Advised Siminn hf., Iceland’s largest telecoms company that is listed on the Iceland Nasdaq, in respect to its restructuring.

ADVEL Attorneys at Law

ADVEL Attorneys at Law‘s team is highly active as executor and trustee of insolvent estates, with experience acting for both domestic and international clients. Guðmundur Siemsen covers all contentious matters related to insolvencies, and co-leads the department alongside Svanhildur Anna Magnúsdóttir. Dóra Sif Tynes is also a key contact within the team.

Practice head(s):

Guðmundur Siemsen; Svanhildur Anna Magnúsdóttir

Other key lawyers:

Dóra Sif Tynes

Key clients

Advania Ísland ehf.

Festing hf.

Arion bank hf.


Full-service firm Juris has extensive experience in restructuring and insolvency issues, with a strong record in winding-up proceedings and complex asset recovery cases. Andri Árnason and the ‘dedicated, qualified and fair’ Halldór Jónsson jointly lead the team; Árnason is a commercial litigator and spearheads contentious matters within the department, while Jónsson is an expert in restructurings and company liquidations. Bjarni Aðalgeirsson is also a key name to note, leveraging his experience in both restructuring and insolvency related disputes.

Practice head(s):

Andri Árnason; Halldór Jónsson

Other key lawyers:

Bjarni Aðalgeirsson


‘Halldór Jónsson is dedicated, qualified and fair. He worked closely with our board and gave us a very good guidance.’

Key clients

Sunnuvellir slhf.

Summa Rekstrarfélag hf.

Bakkastakkur slhf.

Réttur – Adalsteinsson & Partners

Réttur – Adalsteinsson & Partners is distinguished among insolvency and restructuring practices by its focus on representing creditors, including those based domestically and overseas. The group has a track record in acting for major clients in rescission cases and winding-up proceedings, and is regularly appointed as liquidator by the District Court. Team lead Sigurður Örn Hilmarsson is experienced in cross-border bankruptcy cases. Associate Alexander Hafþórsson is also a core team member.

Practice head(s):

Sigurður Örn Hilmarsson

Other key lawyers:

Alexander Hafþórsson

Key clients

Icelandic Water Holdings

Work highlights

  • Providing legal assistance to two joint UK-based trustees, regarding a UK bankruptcy ruling over an Icelandic individual who was declared bankrupt in the UK.