Liquidators of Kaupthing Singer and Freidlander Isle of Man say they will go to court in their claim against the collapsed bank.
The claim by PricewaterhouseCoopers against the parent bank in Iceland, Kaupting Bank hf, has been rejected by the winding-up committee.
Liquidator Mike Simpson has been told the parental guarantee, intended to cover any debts owed by the Isle of Man subsidiary, was not binding and therefore will not be honoured.
Mr Simpson who is in the capital, Reykjavik, will now take the matter to the Icelandic courts:
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