Restructuring and insolvency in Iceland
Headed by Einar Baldvin Árnason and Atli B. Þorbjörnsson, the 'very competent' corporate restructuring team at BBA is involved in various ongoing claims that arose in the aftermath of the Icelandic banking collapse. Baldvin Björn Haraldsson led on advising the International Geothermal Association (IGA) on amendments brought to the IGA’s internal documents. Ásgeir Ragnarsson acted for Mastercard in bringing claims against Kortaþjónustan regarding issues arising from the bankruptcy of Monarch Airlines. Recently promoted senior associate Tómas Þórhallsson is also noted.
Juris focuses on insolvency litigation and provides corporate advice to troubled companies and their liquidators. Following its successful representation of Kaupthing regarding a priority claim filed by AB 76 in the winding-up proceedings of the bank, the firm is currently handling claims concerning the market behaviour of Kaupthing. The matter is handled by Stefán Svensson and associate Andri Árnason, who are also acting for Kaupthing in €60m civil proceedings seeking recovery of funds. Halldór Jónsson led advice on the liquidation of Iðngarðar. Íslandsbanki remains another key client.
At Lex Law Offices, practice head Helgi Jóhannesson leads the ‘highly skilled’ and ‘exceptional’ team in assisting with the high-profile financial reorganisation of B230 as well as in acting as a trustee of its bankruptcy estate. Gudmundur Ingvi Sigurdsson is valued for his ‘professional approach combined with the ability to directly tell clients the truth’ and partnered up with Stefán Orri Ólafsson in advising Central Bank of Iceland Asset Holding on liquidating the assets of SPB. Thorhallur Bergmann is recommended for his work with various bankrupt estates.
With its sizeable insolvency and restructuring team, LOGOS acts on unprecedented restructuring matters for a wide variety of clients. Ólafur Arinbjörn Sigurðsson, assisted by senior associate Ari Karlsson, was recently instructed by the municipality of Reykjanesbær to advise on its financial restructuring resulting from debts incurred by the municipality. Heiðar Ásberg Atlason, who jointly heads the department with Guðbjörg Helga Hjartardóttir, leads the team in acting in bankruptcy proceedings involving Sjöstjarnan and Stjarnan, as well as in serving as court-appointed administrator for the estate of SS Hus. The ‘very competent’ Óttar Pálsson is another key contact.
Réttur – Adalsteinsson & Partners specialises in creditor representation and, particularly, in advising international creditors of Icelandic companies. Sigurður Örn Hilmarsson and Friðrik Ársælsson, who jointly head the department together with Kári Hólmar Ragnarsson, advise international financial institutions on legal issues related to the Icelandic financial collapse. Hilmarsson also successfully led the defence of Raiffeisen Bank International against Kaupthing's rescission claims brought before the Supreme Court. Sigrún Ingibjörg Gísladóttir was promoted to partner.