Supreme Court Decision in a Recision Case Against Virding

30.01.2014
As a part of the winding-up proceedings, the Winding-up Board reviewed whether any bonds issued by BYR or its predecessors had been redeemed prior to maturity.
Those who had been redeemed in 2009 were cancelled by the Winding-up Board and two court cases filed with the District Court.  One is still in court.
 
The other was against Virðing hf.  The District Court ruled in favour of the Winding-up Board on 17 May 2013 (case no. E-259/2012) and it was confirmed by the Supreme Court on 30 January 2014 (case no 545/2013).  Virðing was judged to repay Byr Savings Bank the purchase price, plus interests and litigation cost, or a total ISK 173 million.