Dorset County Council recovers huge claim against insolvent Icelandic bank (From Bridport and Lyme Regis News)
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Dorset County Council recovers huge claim against insolvent Icelandic bank
2:00pm Monday 17th February 2014 in News
DORSET County Council has recovered nearly 95 per cent of its claims against insolvent Icelandic bank Landsbanki (LBI).
The council has sold its claims through a competitive auction process to Deutsche Bank.
Cabinet member for corporate resources Robert Gould said: “The sale means that we have recovered 94.5 per cent of the amounts that were originally deposited with LBI in 2008.
“We are obviously delighted that we have recovered a very large portion of our LBI deposits.
“The sale of our claims represents a clean break. Dorset County Council is therefore now no longer a creditor of LBI.”
The administration of the insolvent estate may continue for a number of years and selling the claim the county council says it has removed any uncertainty, allowing the authority to put the money received from the sale to use supporting vital public services.
Dorset County Council is also continuing to receive payments from the administrators of Heritable bank.