KCC finance chiefs will travel to Iceland today for a crucial meeting over its lost £50 million.

They are part of a national delegation which will attempt to recover a total of £920 million of public money locked in the country's banks as a result of the credit crunch.

KCC has one of the largest sums at risk. It will also represent district councils, including Tonbridge and Malling council which has £1 million invested in Iceland.

Kent Police has £11million at stake.

The meeting is the first for creditors since the crisis broke and represents an opportunity for councils to gauge their chances of retrieving their money.

Administrators for the three Icelandic banks are expected to provide details of the scale of the banks’ liabilities in relation to their remaining assets - which may provide some help in indicating what investors may be able to recoup.

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 said that Kent had been asked to represent the interests of all the UK local councils that were 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,” she said.

KCC has £50million deposited in three banks. It has £15million with Glitnir and £17 million with Landsbanki. It also has £18million with Heritable Bank, which is based in the UK and KCC is optimistic of getting most of that £18million back.