Lawyers have been instructed by the provisional liquidator of the collapsed Kaupthing Singer and Friedlander (Isle of Man) bank to recover frozen assets.
The Manx Financial Supervision Commission suspended the bank's licence on 8 October after Kaupthing's UK operation was put into administration.
Mike Simpson, Liquidator Provisional, said talks were also under way over the possible sale of parts of the bank.
He said parties were interested in purchasing the business and loan book.
He said: "I have instructed lawyers in London and Iceland to assist me in attempting to receive assets of the bank currently held in those locations."
The directors and existing management structure will remain in place and the directors and their existing management team will assist the Liquidator Provisional with the day-to-day operations.
Parent bank Kaupthing issued a parental guarantee in September 2007 to take responsibility for the liabilities, including deposits, of its Manx subsidiary.
The Financial Supervision Commission (FSC) also confirmed that those with savings of up £50,000 would be protected by the new Depositors Protection Scheme (DPS).