COTSWOLD District Council is set to recover £2million they had on deposit with a failed Icelandic bank after a ruling by Iceland’s Supreme Court.
At a hearing last week, the court ruled that UK depositors should recover the money they had on deposit with the Glitnir bank when it failed over three years ago.
This judgment means that UK Local Authority claims have been recognised as deposits with priority status over other creditors' claims.
The Glitnir winding-up board had appealed a decision by an Icelandic District Court which had earlier ruled in favour of UK depositors.
CDC will be among the first to be paid when it comes to getting their money back.
Gloucestershire County Council also hopes to benefit from the court ruling.
ORIGINAL ARTICLE COURTESY OF THE COTSWOLD JOURNAL - CLICK HERE FOR THEIR WEBSITE
10th July 2012
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