Priority creditor decision calms councils' bank fears

摘要

Councils are celebrating victory in their battle to be recognised as preferred creditors to Iceland's collapsed banks - a decision that could save town halls around /470m. After years of legal wrangling, Iceland's Supreme Court finally awarded UK councils 'priority creditor" status at the country's two largest collapsed banks, Glitnir and Landsbanki, on 28 October. It means councils should receive a full payout before other creditors.