Lovells advises Iceland govt on action against UK

Lovells is advising the Icelandic government on possible action against the British government over its reaction to the country’s banking crisis.


Lovells advises Iceland govt on action against UKThe Icelandic government has appointed Lovells as it considers legal action against the British government over its reaction to the country’s banking crisis.

Iceland has criticised chancellor Alistair Darling’s decision to put the UK subsidiaries of Kaupthing and Landsbanki into administration and freeze their assets, and has turned to Lovells corporate partner Richard Brown (pictured) for legal advice.

Restructuring partner Joe Bannister has also been drafted in as the country attempts to revive its crippled financial institutions.

The firm would not comment on the details of its involvement but released a statement saying: “Lovells has provided advice to the Icelandic government on English and international aspects of the financial turmoil in the country.”

The Treasury has been receiving legal counsel from regular adviser Slaughter and May, led by relationship partner Charles Randell.

Kaupthing is using Allen & Overy partner Martk Sterling in the UK, while Landsbanki has instructed Squire Sanders & Dempsey finance partner Andrew Knight.

DLA Piper has emerged from the crisis with a major instruction and is acting as administrator for Landsbanki Islands in the Netherlands, led by senior partner Marinus Pannevis alongside chartered accountant Henk Sliedrecht.

The firm has also been appointed to the board of administration for Kaupthing in Norway, led by restructuring partner Siv Sandvik.