Can I sell / transfer my claim after I have registered?


Yes, if it is a financial claim, but with certain exceptions.  The Winding-up Board will need to stop recognizing transfers of claims at least two weeks prior to each creditors' meeting, and again during the period beginning at least two weeks before the first distribution date, and otherwise as needed in order for the Winding-up Board to be able to review and process the claims registered and make payments.  The exact periods of time during which transfers will not be recognized are subject to change at the discretion of the Winding-up Board.


Under Icelandic law a claimant is permitted to sell its financial claim.  However the Winding-up Board will only recognice such transfer and accordingly make any future payment to the transferee if the Winding-up Board is notified of the transfer by both the buyer and the seller, and the transfer is perfected in accordance with the procedures set out below such that the Winding-up Board has received clear indication of whom is now entitled to the proceeds of the claim that was transferred.


The Winding-up Board has established certain fees to defray the cost associated with administering claim transfers.  The fee is:

  1. EUR 500 for the proposed transfer of the full amount of a claim.

  2. EUR 1.000 for the proposed transfer of a partial amount of a claim.


The Winding-up Board takes no position as to which party to a proposed claim transfer is responsible for the payment of the above referenced fees.


Payment of the fee must be received upon submission of the Claim Transfer Request Form.  Checks should be made payable to the "Winding-up Board of Byr Savings Bank" and shall include the name of the transferor, transferee and the claim reference number.  Wire transfers may be made using the following instructions.


Beneficiary bank:  Arion Banki hf.


EUR account:  IS29 0322 38 718003 610269 2229


For International Wires, please be sure to include "Remitter pays all fees" to the wire instructions when issued.


The Winding-up Board will maintain its claim system so as to reflect all properly effectuated transfers.  The Winding-up Board expects to make payments on account of transferred claims by utilizing the disbursement information for the transferee that is provided in the Claim Transfer Request Form.


If individual creditors wish to make their own arrangements during periods when the Winding-up Board stops recognizing transfers, they will do so at their own risk.  Notwithstanding any purported transfer of a claim, in such a case, it is the original claimant that will be paid and a private transaction will not create any rights of action against the Winding-up Board.


In addition, the Winding-up Board reserves the right to make any payment to the original claimant, notwithstanding any purported transfer of a claim, if the Winding-up Board is not satisfied that the procedures set forth in these instructions have been complied with and / or the submitted documentation does not provide satisfactory evidence or the transfer, new ownership, or account information for the new owner of the claim.


The Winding-up Board takes no position as to the validity of a claim to be transferred.  Confirmation that a claim has been traded in accordance with the procedures promulgated by the Winding-up Board does not constitute evidence of a valid claim.  The parties to the transfer accept the risk that the claim being traded may ultimately be rejected by the Winding-up Board.  The Winding-up Board reserves all rights with respect to any traded claims, including the right to reject such claim.



What procedures do I need to follow when I sell my claim after I have registered?


If you wish to trade your claim after 2 July 2010 and you would like the Winding-up Board to make any future payments to the buyer of the claim, the Winding-up Board must be notified of the transfer by the submission of the Claim Transfer Request Form, completed by both the original holder of the claim and the proposed new holder of the claim, and you must provide the Winding-up Board with any required documentation relating to the transfer of the claim.


Signature verification for both the transferee and transferor is considered required documentation necessary to complete any Claim Transfer Request Form.  All signature verification documents must be written in either Icelandic or English.  For all Claim Transfer Request Forms: signature verification documentation submitted by a corporate entity must be accompanied by either a stamp of Notary Public or other form of signature verification deemed acceptable by the Winding-up Board in writing, in order for it to be considered valid.  For individual (non-corporate) holders of claims, acceptable signature verification includes a photocopy of a passport of other state or national identification card or other form of evidence deemed acceptable by the Winding-up Board in writing.


Claim Transfer Request Form and related materials shall be sent to:


Byr Savings Bank

Bergthorugata 55

101 Reykjavik



For full transfers, the transfer is for the entire amount of the claim including interest, penalties, fees or other costs associated with the claim.  The transferee assumes the risk that the Winding-up Board may have already rejected the claim in whole or in part.  The amount to be transferred can never exceed the decision amount and the transferee cannot object to any decision the Winding-up Board has already made once the initial objection period for that decision has passed.


The Winding-up Board will notify you if additional information is required to cure a deficiency in the Claim Transfer Request Form.  In such case, the parties involved in the transfer will have two weeks to cure the deficiencies or the proposed transfer will be deemed "withdrawn".  No refund.


The Winding-up Board will not recognize concurrent transfers of claims.  A transfer of a claim or portion thereof must settle - i.e. the transfer must be reflected in the Winding-up Board claim system with a status of "Confirmed" - before that claim or portion thereof can be traded again (in whole or part).


Parties to a proposed claim transfer that is determined by the Winding-up Board as properly submitted will be notified and will have one week from the date of service of such notice to object to the transfer.


Upon receipt of an objection from the transferor and/or transferee to the proposed transfer, the proposed transfer will be deemed "Withdrawn" by the parties.


Absent an objection during the one week period, the transfer will be recognized by the Winding-up Board and the transferee will be listed as the new holder of the "original" claim (in the case of a full claim transfer) or the holder of a new claim (in the case of a partial claim transfer).  In the case of a partial claim transfer, the amount of the "original" claim will be updated in light of such transfer.  For all claims reflected in the Winding-up Committee claim system as "confirmed", the Winding-up Board will - as soon as practicable - notify the transferor and transferee of the successful claim transfer via Notice of Successful Transfer.


Pursuant to the questions above, a person (such as an agent, trustee, paying agent, clearing agent, lawyer or other adviser) may assert a claim on behalf of another.  In order to effectuate a transfer of a claim asserted in this manner, such person must be the party that signs the Claim Transfer Request Form as the proposed transferor of the claim.



Why do I have to report the purchase price?


In October 2013 the Icelandic tax authorities issued a binding opinion (no. 6/2013), stating that Winding-up Boards are to withhold finance income tax on the gain that forms if distributed amount exceeds purchase price of the claim.  This applies to all creditors, domestic and foreign.  The tax is now 10% on foreign companies and 20% on domestic companies.  Foreign companies can apply for tax exemption (form RSK 5.42) or tax refund (form RSK 5.43) if they are domiciled in countries with double-tax agreements with Iceland.