Canterbury council could find out next week what the prospects are for it recovering £6million locked in an Icelandic bank.

Kent County Council finance chiefs are to travel to Iceland on Tuesday for a crucial meeting that could determine whether it and other authorities will get back £920million.

Kent, which has £50million at stake, is to head a delegation with colleagues from the London borough of Barnet to represent all councils with taxpayers’ money at risk.

Canterbury council has some £6million invested.

The meeting is the first formal one to be held since the crisis over money deposited with Icelandic banks broke and represents the first chance for KCC to gauge its chances of retrieving its money, as it will detail the scale of the banks’ liabilities in relation to their remaining assets.

It will also be the first chance for councils to quiz the banks’ administrators, who will be asked to explain the reasons for their collapse and to set out their recent trading position.

A KCC spokeswoman stressed that Kent had been asked to represent the interests of all the authorities affected.

“It is good news that the meeting is happening and that we will be able to meet face to face with those representing the banks.

“We are actively pursuing the recovery of the money and we expect to know a lot more about what will happen as a result.”