Kent CC and Barnet LBC will be representing all local authorities with deposits with Glitnir and Landsbanki at an initial creditors meeting.
Kent was the council most heavily exposed to the collapse of the Icelandic banks with£50m worth of frozen deposits. Barnet had£27m deposited.
The meeting is designed to help councils better understand the situation in Iceland and determine how the money deposited there can be recovered.
Nick Chard, KCC Cabinet Member for Finance said: "KCC is working hard behind the scenes to co-ordinate councils affected by this and will, along with Barnet, be representing the interests of all those local authorities exposed to the two Icelandic banks.
"This is the start of a process and we will continue to be as open as possible and tell Kent residents what is happening."