1. Dutch Emergency Proceedings of Landsbanki Dutch Branch / Icesave
2 July 2010
Jasper Berkenbosch

5. Measures in Iceland Emergency Act Control by Resolution Committee
Split New / Old Landsbanki
Preference rights savers
Insert filename here
Date of presentation

7. Dutch Emergency Proceedings
13 October 2008
Based on Dutch Financial Supervision Act
Insolvency proceeding
Reorganisation + liquidation rules of Bankruptcy Act
Winding up directive?
No more banking license!
Insert filename here
Date of presentation

8. Dutch court considerations
Administrators entitled to:
Liquidate the 600 million Dutch loan portfolio
All assets and liabilities in an international winding up
No preferential treatment of Icelandic savers over Dutch savers
Split (???)
Insert filename here
Date of presentation

9. Cooperation Joint decisions re loan portfolio - mutual consent
No cooperation protocol
No European Insolvency Regulation
No Winding-up Directive
Territorial Proceeding
Insert filename here
Date of presentation

10. Priorities Policy of administrators:
Dutch assets in global distribution
All creditors world wide
Internationally accepted principles
transparency
stable preference system
equal treatment of creditors
judicial supervision and appeal possibilities
Local distribution = Preference differences
In Netherlands all creditors equal
In Iceland savers preferred
Insert filename here
Date of presentation

11. Arguments Dutch administrators
Moratorium not insolvency proceedings in meaning WUD
Standstill
No Reorganisation measure: "measure to preserve or restore
financial situation"
Contrary to public policy and fundamental principles
Split
Preference
New laws
No license requirements
No bank
Insert filename here
Date of presentation

12. Court ruling 1 No license No bank No Winding-up Directive
No breach fundamental principles or public policy
Insert filename here
Date of presentation

13. Court ruling 2 – the Final
License since 1886
Winding-up Directive applies
Moratorium is reorganisation measure
Moratorium applies
End of Emergency proceedings
Insert filename here
Date of presentation