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Icelandic Finances
https://www.beexcellenttoeachother.com/forum/viewtopic.php?f=3&t=2125		 Page 1 of 1
Author:  Craig [ Sat Oct 11, 2008 11:01 ]
Post subject:  Icelandic Finances
Here's another legal question for those budding Phoenix Wrights:

A business in Iceland owes a business in the U.K. some money. There is no disagreement that the money is owed. The debt was payable on the 23rd of September but for reasons known only to the Icelandics they decided not to wire the money until the 3rd of October. When the money didn't arrive they claimed that it was due to the Icelandic financial collapse, they are unable to verify whether the money has even left their account.

Whilst I sympathise with the situation I have no sympathy for them. My understanding of this is if the company cannot pay a debt whether to not having the funds or not being able to access their funds then they are insolvent and as such I can take steps to have them cease trading? So my quesions are :

1) Is the Icelandic company insolvent if it cannot pay a debt when due?
2) What steps can I take to force them to pay or declare bankruptcy? If they were in the UK I would go to the small claims court, is there a similar institution in Iceland?

I guess I am wondering how easy it is to pursue a debt owed outside the EU.
Author:  MaliA [ Sat Oct 11, 2008 11:05 ]
Post subject:  Re: Icelandic Finances
I think, although I am not sure, you might have to chase them through the Icelandic courts, but it depends on where the company is based (Amazon.co.uk for example is under the juristrction of the Duchy of Luxembourg).
Author:  Craig [ Sat Oct 11, 2008 11:08 ]
Post subject:  Re: Icelandic Finances
They are registered in Dalvik which is in Northern Iceland. Is there an equivalent of a small claims court in Iceland or is it case of getting a solicitor to do it?
Author:  MaliA [ Sat Oct 11, 2008 11:10 ]
Post subject:  Re: Icelandic Finances
Craig wrote:
They are registered in Dalvik which is in Northern Iceland. Is there an equivalent of a small claims court in Iceland or is it case of getting a solicitor to do it?


Not a clue on that one.

I'd ask a solicitor, to be honest, and then sue them wherever is best.
Author:  Craig [ Sat Oct 11, 2008 11:13 ]
Post subject:  Re: Icelandic Finances
I have asked quite a few and not received a response. The only one that did respond happened to already be representing the company in question! I'll keep looking...
Author:  MaliA [ Sat Oct 11, 2008 11:27 ]
Post subject:  Re: Icelandic Finances
Craig wrote:
I have asked quite a few and not received a response. The only one that did respond happened to already be representing the company in question! I'll keep looking...


If I get some time, later, I'll have a read.
Author:  Hugh [ Sat Oct 11, 2008 11:28 ]
Post subject:  Re: Icelandic Finances
Just because some money is lost in transit doesn't mean the company is insolvent. Why don't you ask them to pay you via another means?
Author:  MaliA [ Sat Oct 11, 2008 11:29 ]
Post subject:  Re: Icelandic Finances
Hugh wrote:
Just because some money is lost in transit doesn't mean the company is insolvent. Why don't you ask them to pay you via another means?



4893 bananas.
Author:  Craig [ Sat Oct 11, 2008 11:34 ]
Post subject:  Re: Icelandic Finances
Hugh wrote:
Just because some money is lost in transit doesn't mean the company is insolvent. Why don't you ask them to pay you via another means?



Fed-Ex a large (a very very large) box of Kroner?

As an example of the kind of communication the company are offering I asked the following question:

"Has the money been sent? Yes or No?"

And received the reply:

"None of the above."
Author:  Hugh [ Sat Oct 11, 2008 11:39 ]
Post subject:  Re: Icelandic Finances
Of all the alternative payment options available you have chosen the most ridiculous as your example. Congratulations!

How about a cheque, wire transfer, BACs payment?

Do you accept card payments?

I think the trouble now may be that the UK Gov has effectively brought a wall down on transactions between Iceland and UK companies.
Author:  Mimi [ Sat Oct 11, 2008 11:50 ]
Post subject:  Re: Icelandic Finances
Hugh wrote:
Of all the alternative payment options available you have chosen the most ridiculous as your example. Congratulations!


Wow. Was there any need for that, Hugh?

I think that you are missing the point that these people are absolutely impossible to deal with, as the example communication above displays. They go for days ignoring our calls and communication - the money is long overdue, but on trying all day to communicate they answer with 'I have nothing to say to you today' or the rather bizarre 'If you are hoping that I will say something rude to you today, I won't be.'

Any sensible request the the money be sent at all is ignored or the reply given is basically 'you will wait'.
Author:  Craig [ Sat Oct 11, 2008 12:06 ]
Post subject:  Re: Icelandic Finances
Hugh wrote:
Of all the alternative payment options available you have chosen the most ridiculous as your example. Congratulations!

How about a cheque, wire transfer, BACs payment?

Do you accept card payments?

I think the trouble now may be that the UK Gov has effectively brought a wall down on transactions between Iceland and UK companies.


The payment was wire transfer but ofcourse I've no way of knowing whether they have done what they have said.
Author:  Hugh [ Sat Oct 11, 2008 12:13 ]
Post subject:  Re: Icelandic Finances
Mimi wrote:
Hugh wrote:
Of all the alternative payment options available you have chosen the most ridiculous as your example. Congratulations!


Wow. Was there any need for that, Hugh?



I hate smilies.
Author:  Mimi [ Sat Oct 11, 2008 12:22 ]
Post subject:  Re: Icelandic Finances
So does Craig.
Author:  Craig [ Sat Oct 11, 2008 12:25 ]
Post subject:  Re: Icelandic Finances
:this:
Author:  Hugh [ Sat Oct 11, 2008 12:26 ]
Post subject:  Re: Icelandic Finances
Haha.
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