Shareholders have decided to dissolve LazyTown subsidiary.
A resolution committee has been elected for the company LazyTown Production 2012 ehf., a subsidiary of LazyTown. The company’s shareholders decided at a shareholders’ meeting on October 17, 2013 to dissolve the company, and Jónas Rafn Tómasson and Sigurður Stefánsson were elected to the resolution committee. The resolution committee has called a meeting with the company’s creditors and shareholders at the KPMG office on December 27, 2013.
The Companies Act allows shareholders to decide themselves to dissolve a company, and then a resolution committee is appointed by the shareholders. In Iceland, however, it has become more common in recent years for companies to be dissolved following a bankruptcy order. Jónas Rafn Tómason says in an interview with Viðskiptablaðið that the process usually takes about three to six months.
“The resolution committee takes over the board of directors’ activities and is responsible for dissolving the company on behalf of the shareholders,” says Jónas.
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