I'm being pretty vague since I'm not really an expert, but yes the old banks were put into receivership but not bankruptcy. However, previous laws from 2002 alr

I'm being pretty vague since I'm not really an expert, but yes the old banks were put into receivership but not bankruptcy. However, previous laws from 2002 already established that financial institutes would not go through normal bankruptcy ( http://www.althingi.is/altext/stjt/2002.161.html http://www.althingi.is/altext/stjt/2002.161.html ), but I'm not sure how that would have worked out.