The Resolution Committee/Interim Board:

On March 21st 2009, the Financial Supervisory Authority assumed the powers of a shareholders’ meeting of SPRON, dismissed the Board and appointed a Resolution Committee. The FSA also assigned New Kaupthing Bank the depository obligations of SPRON, see here. Under Act no. 44/2009 that amended Act no. 161/2002 on Financial institutions, the Resolution Committee became an Interim Board, which had the same obligations as a Resolution Committee.

The Winding-Up Board

In June of 2009, the Interim Board‘s designated three month working period was up, in accordance with Art. 100 a. of the Financial Institutions Act No. 161/2002. On June 23rd, Reykjavik District Court accepted the Interim Board‘s request to appoint a Winding-Up Board to SPRON. The Winding-Up Board‘s primary function is to protect the interests of SPRON‘s creditors, and to oversee the lodging of claims in accordance with Art. 102, par 2, of the Financial Institutions Act No. 161/2002.

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