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Municipal Finance

17. May, 2023

Birgir Már Björnsson attorney and partner at LEX Law Offices, recently published an article in the business section of the Icelandic newspaper Morgunblaðið concerning the regulations that apply when the financial situation of municipalities is poor and the resources that are available to deal with such situation. It is stipulated in the Local Government Act that municipalities will not be taken into bankruptcy and that there will be no enforcement of the municipal assets that are necessary for the implementation of statutory projects.

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