The Supreme Court of Iceland ruled today in a case concerning the Emergency Act of October 6 2008. The ruling entails that the law and associated acts stands undisputed. Since the Supreme Court is a court of last instance no legal uncertainty remains.
The Supreme Court of Iceland. Photo by Páll Kjartansson.
The Government of Iceland welcomes this crucial stepping stone towards stable economic recovery, as stated in a press release from the Prime Minister’s Office.
Regarding the Icesave-dispute, the ruling of the Supreme Court is in full accordance with the expectations of the government as it now seems certain that all depositor claims towards the estate of Landsbanki will eventually be fully covered.
The ruling eliminates uncertainty regarding distributions from the estate, which has been in an orderly winding-up process in accordance with Icelandic and European legal requirements.
According to the winding-up board of Landsbanki, disbursements are expected to commence within weeks.
Click here to read more about Icesave.