 Dear customer, Thank you for your business over the past years. On the 9th of April 2010 Reykjavik District Court appointed a Winding-Up Board to VBS Investment Bank Ltd.
VBS InvestmentBank
Sudurlandsbraut 22
108, Reykjavík, Iceland
Opening hours : 1000 to 1200 and 1300 to 1600 GMT
Tel: (+354) 570-1200
Fax: (+354) 570-1209
E-mail: vbs@vbs.is
Creditors meeting / Objections
According to paragraph 1 of Article 120 of Act No 21/1991 on Bankruptcy etc. creditors can raise their objections at a creditors meeting. Such a meeting is scheduled to be held by VBS Winding-up Board on 9 December 2010. Creditors can also submit their objections by sending a written notice to the Winding-up Board to the following e-mail address: krofuskra@vbs.is. A form to be used for this purpose is available here:
 Objection form
Objections need to be received no later than at the creditors meeting on 9 December 2010. An objection may either concern a decision on the claim belonging to the creditor in question (the objecting creditor) or a decision on other creditors claims as long as such a decision affects the interests of the objecting creditor. It is not necessary for a creditor or his representative to attend the creditors meeting to raise their objections.
If no objection is received before the creditors meeting on 9 December 2010, the decision of the Winding-up Board on the claim in question can be expected to be considered final, cf. the third paragraph of Article 120. of Act No. 21/1991 on Bankruptcy etc.
Invitation to lodge a claim – has been extended
Please lodge your claim before November 12th, 2010
Under the statuatory authority of the Financial Institutions Act, No. 161/2002, Art. 100 a, cf. Art. 4 of Act No. 44/2009 the Financial Supervisory Authority assumed the power of shareholder‘s meeting of VBS Investment Bank Inc. and appointed an Interrim Board on March 3rd, 2010. The responsibility of the Interim Board came to an end when the Reykjavik District Court appointed a Winding-Up Board for VBS Investment Bank Inc. on April 9th, 2010, cf. Art. 101, para. 4, of Act no. 161/2002, cf. Art. 5 of Act. No. 44/2009. Among the responsibilities of the Winding-Up Board is to oversee the processing of claims against the bank during the winding-up proceedings.
The initial date of the winding-up proceedings was decided on the basis of the ruling of the Reykjavik District Court on the appointment for the Winding-Up Board on April 9th, 2010, cf. Act No. 161/2002, Art. 102, para. 3, sub-para. 2, cf. Act No. 44/2009, Art. 6, para. 3, sub-para. 2.
Anyone who wishes to lodge a claim against VBS Investment Bank Inc., or assets under the auspices of the bank, are hereby urged to lodge their claims in writing to the Winding-Up Board at the latest 12th of November 2010. The claims must be received by the Winding-Up Board within the aforementioned deadline, their content being in line with the instructions of the Act on Bankruptcy, etc., No. 21/1991, Art. 117, para. 2 and 3.
The statement of claims should be submitted to:
The Winding-Up Board of VBS Investment Bank Inc.
Suðurlandsbraut 22
108 Reykjavik
Due to the aforementioned provisions of law, the claimants, in the lodgement of claims, are requested to specify the total amount of the claim as of April 9th 2010.
Claims that are made in a foreign currency should be specified in the currency in question. However, claimants within the member countries of the European Economic Area and the European Free-Trade Association are authorized to lodge their claims in the language of their home country. Such lodgement of claims shall be accompanied by an Icelandic translation. However, claims may be lodged in English without an accompanying translation. Other claimants may specify their claims in English.
In the event that claims are not lodged within the aforementioned time limit, they shall be interpreted in the same manner as an inadequate specification of a claim under the Act on Bankruptcy, etc., No. 21/1991, Art. 118, thus ceasing to apply against VBS Investment Bank Inc., unless any of the sub-paras. No. 1-6 of the provision apply.
It should be emphasized that by lodging a claim, the claimant will be considered to have rescinded any confidentiality (e.g. bank secrecy) regarding the claim in question.
A meeting of claimants will be held on Thursday December 9th 2010 at 10:00 a.m., at the Grand Hotel Reykjavik, Sigtúni 38, Reykjavík. The meeting earlier published at November 9th has been cancelled. Those who have lodged their claims against the bank have a right to attend the meeting. At the meeting, a list of the lodged claims will be presented as well as the Winding-Up Board’s position towards them as it will be available at that time. At least one week before the aforementioned meeting, a list of lodged claims will be available to those who have lodged their claims against the bank.
Further information on the lodging and processing of claims will be made available on the bank’s website, www.vbs.is.
To facilitate the dissemination of information, the Winding-Up Board would like to recommend to the claimants that they specify their email address, or the email address of their representative, when lodging a claim. Furthermore, to specify a bank account so as to facilitate any disbursement if and when it would occur.
Reykjavík, October 7th 2010
The Winding-Up Board of VBS Investment Bank Inc.
Fridbjorn Bjornsson, Certified Public Accountant
Hrobjartur Jonatansson, Attorney to the Supreme Court
Thorey S. Thordardottir, Attorney to the Supreme Court
Invitation to lodge a claimPlease lodge your claim before October 14th, 2010.
Under the statuatory authority of the Financial Institutions Act, No. 161/2002, Art. 100 a, cf. Art. 4 of Act No. 44/2009 the Financial Supervisory Authority assumed the power of shareholder‘s meeting of VBS Investment Bank Inc. and appointed an Interrim Board on March 3rd, 2010. The responsibility of the Interim Board came to an end when the Reykjavik District Court appointed a Winding-Up Board for VBS Investment Bank Inc. on April 9th, 2010, cf. Art. 101, para. 4, of Act no. 161/2002, cf. Art. 5 of Act. No. 44/2009. Among the responsibilities of the Winding-Up Board is to oversee the processing of claims against the bank during the winding-up proceedings.The initial date of the winding-up proceedings was decided on the basis of the ruling of the Reykjavik District Court on the appointment for the Winding-Up Board on April 9th, 2010, cf. Act No. 161/2002, Art. 102, para. 3, sub-para. 2, cf. Act No. 44/2009, Art. 6, para. 3, sub-para. 2.
Anyone who wishes to lodge a claim against VBS Investment Bank Inc., or assets under the auspices of the bank, are hereby urged to lodge their claims in writing to the Winding-Up Board within five months from the first published invitation that was on May 14th, 2010. The claims must be received by the Winding-Up Board within the aforementioned deadline, their content being in line with the instructions of the Act on Bankruptcy, etc., No. 21/1991, Art. 117, para. 2 and 3.
The statement of claims should be submitted to:
The Winding-Up Board of VBS Investment Bank Inc.
Suðurlandsbraut 22
108 Reykjavik
Due to the aforementioned provisions of law, the claimants, in the lodgement of claims, are requested to specify the total amount of the claim as of April 9th 2010.
Claims that are made in a foreign currency should be specified in the currency in question. However, claimants within the member countries of the European Economic Area and the European Free-Trade Association are authorized to lodge their claims in the language of their home country. Such lodgement of claims shall be accompanied by an Icelandic translation. However, claims may be lodged in English without an accompanying translation. Other claimants may specify their claims in English.
In the event that claims are not lodged within the aforementioned time limit, they shall be interpreted in the same manner as an inadequate specification of a claim under the Act on Bankruptcy, etc., No. 21/1991, Art. 118, thus ceasing to apply against VBS Investment Bank Inc., unless any of the sub-paras. No. 1-6 of the provision apply.
It should be emphasized that by lodging a claim, the claimant will be considered to have rescinded any confidentiality (e.g. bank secrecy) regarding the claim in question.
A meeting of claimants will be held on Tuesday November 9th 2010 at 15:00 a.m., at the Grand Hotel Reykjavik, Sigtúni 38, Reykjavík. Those who have lodged their claims against the bank have a right to attend the meeting. At the meeting, a list of the lodged claims will be presented as well as the Winding-Up Board’s position towards them as it will be available at that time. At least one week before the aforementioned meeting, a list of lodged claims will be available to those who have lodged their claims against the bank.
Further information on the lodging and processing of claims will be made available on the bank’s website, www.vbs.is.
To facilitate the dissemination of information, the Winding-Up Board would like to recommend to the claimants that they specify their email address, or the email address of their representative, when lodging a claim. Furthermore, to specify a bank account so as to facilitate any disbursement if and when it would occur.
Reykjavík, May 4th 2010
The Winding-Up Board of VBS Investment Bank Inc.
Fridbjorn Bjornsson, Certified Public Accountant
Hrobjartur Jonatansson, Attorney to the Supreme Court
Thorey S. Thordardottir, Attorney to the Supreme Court
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