Newsletter No. 6

What is the outcome of the General Review Hearing on 12 December 2018?

The first court hearing (General Review Hearing) in the bankruptcy proceedings of Gable Insurance AG i.K. took place before the Princely Court in Vaduz on 12 December 2018. The Trustee in Bankruptcy declared the correctness and order of precedence of the 165 registered (non-privileged) bankruptcy claims (classes 1 to 4), totalling CHF 24.2 million. The Trustee in Bankruptcy acknowledged 65 claims totalling CHF 13.3 million and disputed 100 claims totalling CHF 10.9 million. The Princely Court has recorded the result of the review hearing in the register of claims.

So far, some 14,000 (privileged) insurance claims have been registered. The Trustee in Bankruptcy has already examined around 5,000 of these. In this context, it is worth noting that the two claims registered by the national guarantee schemes in England and Denmark represent a total of approximately 50,000 claims, all of which have been examined. The total claims amount to approximately CHF 410 million. These insurance claims were not dealt with on 12 December 2018. So the Trustee in Bankruptcy has not made a decision regarding these claims yet.

When will the insurance claims be dealt with? What happens next in the bankruptcy proceedings?

This question cannot be answered yet. The General Review Hearing has been extended indefinitely for the time being.

In the meantime, the Trustee in Bankruptcy is continuing the review process with regard to the approximately 9,000 insurance claims that are not yet examined. The processing of the reported claims (currently around 7,500) continues within the normal framework alongside this.

How will creditors be informed of the outcome of the General Review Hearing on 12 December 2018?

The Princely Court shall notify in writing those creditors whose claims against the estate of the bankrupt company (class 1 to 4) were disputed on 12 December 2018.

Creditors whose bankruptcy claims (classes 1 to 4) were acknowledged on 12 December 2018 and creditors who have filed privileged insurance claims will not be notified. However, all declared creditors have the option of accessing the Trustee in Bankruptcy’s reports and the register of claims by inspecting the files at the Princely Court.

The Trustee in Bankruptcy will submit the next detailed report to the court at the beginning of 2019. A summary of this report will be published on the Gable Insurance AG i.K. website.

What bankruptcy dividend can I expect and when will this be paid out to the creditors?

The amount of the dividend cannot be estimated at the present time. Both the assets and liabilities are and remain in motion. The development of the thousands of claims has a major impact on the amount of liabilities to creditors on the one hand and constantly changes the asset status due to possible receipts of reinsurance payments on the other hand.

The creditors cannot expect a (partial) payout until further notice. This is only conceivable once the major claims settlement work has been completed. It is currently not foreseeable when this point in time may be reached.