Newsletter No. 23
What is the outcome of the continued General Review Hearing before the Princely Court of Justice on 4 February 2026?
The sixth court hearing (continuation of the General Review Hearing) in the bankruptcy proceedings of Gable Insurance AG in liquidation (Gable) took place before the Princely Court of Justice (Landgericht) in Vaduz on 4 February 2026. The liquidator was able to declare to the Court the correctness and order of precedence of further 277 registered claims (indemnity claims). Together, these claims amount to CHF 21,4 million, of which almost the total applies to (privileged) insurance claims, whereas only approximately CHF 46,000 apply to (non-privileged) bankruptcy claims.
The liquidator was able to fully recognise 252 claims in terms of their amount, totalling CHF 17,7 million. The liquidator had to fully contest 25 claims totalling CHF 3,7 million. 9 of these were also contested with regard to the applicable class (privileged or non-privileged). The complete acknowledged claim amount applies to (privileged) insurance claims.
The Princely Court of Justice has recorded the outcome of the review hearing in the register of claims. The creditors can obtain the register of claims from the liquidator.
For the sake of completeness, the liquidator refers to earlier newsletters, which provide information regarding the outcome of the first five dates of the General Review Hearing. This outcome is not included in the figures mentioned above. At the six General Review Hearings to date 13.975 claims totalling CHF 347,0 million were dealt with, of which claims totalling CHF 193,1 million were acknowledged and claims totalling CHF 153,9 million were contested.
The liquidator has not yet been able to examine or completely examine the remaining 61 registered claims. The creditors of these claims are demanding CHF 49,8 million.
In total, up until now, 14.036 claims totalling CHF 396,8 million have been registered in the bankruptcy proceedings. It is worth mentioning that these include individual claims from guarantee schemes which in turn comprise hundreds or thousands of individual claims.
What happens next in the bankruptcy proceedings?
The General Review Hearing has not yet been completed. A continuation will take place in due course.
In the meantime, the liquidator is continuing the review process with regard to the claims which have not yet been examined or completely examined.
Apart from this, more than 1.000 registered damage cases are still being processed. The liquidator therefore expects a number of additional claims to be filed in future.
How will creditors be informed of the outcome of the General Review Hearing of 4 February 2026?
The Princely Court of Justice shall notify in writing those creditors whose claims were contested on 4 February 2026 with regard to the amount claimed and, in certain cases, also with regard to the applicable class (privileged or non-privileged). They may bring legal action against the estate of Gable within 14 days of receipt of the court order if they do not agree with the contest. If they do not bring legal action on time, they shall be excluded as a creditor from the bankruptcy proceedings.
Creditors whose claims were acknowledged with regard to the amount claimed and the applicable class (privileged or non-privileged) on 4 February 2026 shall not be notified. However, all creditors have the option of accessing the liquidator’s reports and the register of claims by inspecting the files at the Princely Court of Justice, or of contacting the liquidator directly.
The liquidator will submit the next detailed report for the attention of the Princely Court of Justice end of April 2026 at the latest. A summary of this report will be published on the website.
What bankruptcy dividend can the creditors expect and when will it be paid out?
(Privileged) insurance claims amounting to CHF 157,7 million have been recognised at the six General Review Hearings to date. Currently, Gable has realised assets in the amount of approximately CHF 72,2 million. The majority of reinsurance payments have been realised, but it is possible that further payments from reinsured losses will be received. It can therefore be regarded as certain that (non-privileged) bankruptcy claims cannot be satisfied.
The bankruptcy dividend that creditors of (privileged) insurance claims can expect depends on the developments of the liabilities and assets. The amount of the dividend cannot be reliably estimated for this reason, among others, as claims amounting to CHF 49,8 million of the total claims filed of CHF 396,8 million have not yet been examined or have not yet been examined in full.
The creditors cannot expect a (partial) pay-out until further notice. This is only conceivable once the General Review Hearing is complete.
With kind regards,
BATLINER WANGER BATLINER Attorneys at Law AG
as liquidator of Gable Insurance AG in liquidation
