The Icelandic parliament has passed a Bill of Legislation to amend the act of Financial Undertakings No 161/2002. The Bill has new rules about the winding-up proceedings of financial institutions.
According to those new rules the Banks' Resolution Committees will continue to operate and to perform certain tasks and in so doing handle the administrative aspects of the winding-up proceedings which would otherwise be entrusted to the Winding Up Boards. The Resolution Committees will continue to act under the direction of the Financial Supervisory Authority (FME). On 12 May 2009 the District Court of Reykjavik appointed a Winding Up Board which will handle those aspects of the winding-up not dealt with by the Resolution Committee.
The members of the Winding Up Board are:
- Steinunn Guðbjartsdóttir, Supreme Court Attorney
- Páll Eiríksson, District Court Attorney