Iceland’s biggest personal bankruptcy

Former director of Kaupþing bank Sigurður Einarsson has been declared bankrupt to the tune of ISK 254 billion (approx. €1.8 billion).

This is by far the largest personal bankruptcy in Iceland’s history.

Einarsson – who is currently serving jail sentences for market abuse – was declared bankrupt in September last year and claim calculations were completed last week.

Available assets were able to pay back just over 4% of the total claims. Einarsson’s main creditors are Ari­on Bank, Chesterfield United, Deutsche Bank and Murray Hold­ings.

Einarsson started his prison sentence in an Icelandic jail last spring.

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