In its capacity as the Trustee in Bankruptcy in conjunction with the bankruptcy pro-ceedings brought in respect of the assets of Gable Insurance AG, the law firm BATLINER WANGER BATLINER Rechtsanwälte AG has decided, following con-sultation with the Bankruptcy Court, that up until the opening of the bankruptcy proceedings the existing claims settlement system is to remain temporarily in place in accordance with the below-specified provisions, and will then be continued in a modified form that reflects the bankruptcy situation.
To begin with, it is important to note that the legal agreements between Gable In-surance AG and the brokers and claims handlers are considered by the Trustee in Bankruptcy to have been dissolved with effect from the opening of the bankruptcy proceedings. In order to clarify this situation, these are herewith expressly termi-nated by the Trustee in Bankruptcy.
Brokers and claims handlers are now requested, within the meaning of a transi-tional solution, to settle the claims brought by the policyholders for whom they are responsible essentially in accordance with the previous context and on the basis of the contracts signed with Gable Insurance AG, although taking account of the special circumstances of bankruptcy proceedings. The claims must be settled as efficiently as possible, limited to the most essential aspects, and this must be done in accordance with the principle of the equal treatment of creditors. In addition, it is also important to note that the licence to exercise insurance activities has been withdrawn, meaning that new business is ruled out.
The cost of settling claims that has been incurred since the opening of bankruptcy proceedings, in accordance with the instructions of the Trustee in Bankruptcy, shall be assumed by the Trustee in Bankruptcy. Brokers and claims handlers must, however, reach agreement in advance with the Trustee in Bankruptcy on the cost of the claims settlement, insofar as they have not already been compensated for this within the context of the contracts with Gable Insurance AG that were in force until the opening of bankruptcy proceedings. Brokers and claims handlers are herewith requested to submit a proposal concerning the settlement of their ex-penses, and to confirm that they have not yet been compensated for this with the commission and other payments that they have received.
This instruction shall remain in force until further notice. The Trustee in Bankruptcy reserves the right to revoke this instruction at any time and with immediate effect, or to cause this to be replaced by a different set of rules.