Gable Insurance AG in liquidation

Newsletter No. 17

What is the outcome of the continued General Review Hearing before the Princely Court of Justice on 26 May 2023?

The fourth 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 26 May 2023. The liquidator was able to declare to the Court the correctness and order of precedence of further 915 registered claims (damage and premium refund claims). Together, these claims amount to CHF 111,3 million, of which CHF 100,5 million apply to (privileged) insurance claims and CHF 10,8 million apply to (non-privileged) bankruptcy claims.

The liquidator was able to fully acknowledge 678 claims totalling CHF 96,2 million, but had to fully or partially contest 237 claims totalling CHF 15,1 million. 76 of these claims were additionally contested with regard to the applicable class (privileged or non-privileged). In addition, 53 claims fully recognised in terms of amount had to be contested with regard to the applicable class (privileged or non-privileged). Of the acknowledged claim amount, CHF 93,8 million apply to (privileged) insurance claims and CHF 2,4 million apply to (non-privileged) bankruptcy claims (class 4).

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.

The liquidator was able to report to the Princely Court of Justice and the representatives of creditors present with regard to the assets, that at present, there are liquid funds and assets to the value of around CHF 81,0 million. The liquidator expects further receipts from reinsured damage claims. These reinsurance benefits constitute the most valuable asset value which has not yet been realised.

For reasons of completeness, the liquidator refers to newsletter no. 6, 11 and 14 which provided information regarding the outcome of the General Review Hearings of 12 December 2018, 30 September 2020 and 20 December 2021. This outcome is not included in the figures mentioned above. At the four General Review Hearings to date 13.442 claims totalling CHF 268,1 million were dealt with, of which claims totalling CHF 147,3 million were acknowledged and claims totalling CHF 120,7 million were contested.

The liquidator has not yet been able to examine or completely examine the remaining 246 registered claims. The creditors of these claims are demanding CHF 86,8 million.

In total, up until now, 13.688 claims totalling CHF 354,9 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 2.000 registered damage cases are still being processed. We can therefore expect a number of additional claims to be registered.

How will creditors be informed of the outcome of the General Review Hearing of 26 May 2023?

The Princely Court of Justice shall notify in writing those creditors whose claims were partially or fully contested with regard to the amount claimed and/or contested with regards 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 completely or, for a partial contest, with regard to the proportion of the claim disputed. In addition, creditors are definitively classified in the recognised class.

Creditors whose claims were acknowledged with regard to the amount claimed and the applicable class (privileged or non-privileged) on 26 May 2023 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 at the beginning of 2024. A summary of this report will be published on the website.

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

(Privileged) insurance claims amounting to CHF 118,4 million have been recognised at the four General Review Hearings to date. Currently, Gable has realised assets in the amount of approximately CHF 81,0 million. 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 86,8 million of the total claims filed of CHF 354,9 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.

Newsletter No. 16

Interim report of the liquidator (as at 31 December 2022)

The liquidator has prepared an updated interim report as at 31 December 2022 on the progress made so far in the bankruptcy proceedings of Gable Insurance AG in liquidation. The report is now available in German, English, French and Italian on our website for viewing and downloading.

The liquidator thus fulfils its obligation according to the Insurance Supervision Act, whereby policyholders and other creditors must be regularly kept updated about the bankruptcy proceedings. Further interim reports will be uploaded in due course on the aforementioned website.

Progress with regard to the examination of registered claims

Due to the progress made with regard to the examination of registered claims, the liquidator applied to the Princely Court of Justice in Vaduz (Bankruptcy Court) for another continuation of the General Review Hearing. In this context, the liquidator deems that, at the next continuation of the General Review Hearing, a declaration can be made to the Bankruptcy Court on the correctness and order of precedence of about 800 of the approximately 1,200 currently registered claims which have not yet been examined or completely examined. At the previous General Review Hearings held in December 2018, September 2020 and December 2021 the liquidator made a declaration in respect of 12,527 registered claims.

Furthermore, creditors of the bankrupt company may continue to register their claims with the liquidator prior to the completion of the General Review Hearing without detrimental effects.

Continuation of the General Review Hearing on 26 May 2023

The General Review Hearing (continuation of the review hearing) has been scheduled for Friday, 26 May 2023, 09:00 am at Liechtenstein’s Princely Court of Justice (Landgericht), courtroom 4, in Vaduz. The court order announcing the hearing is now available in German, English, French and Italian on our website.

Newsletter No. 15

Interim report of the liquidator (as at 31 December 2021)

The liquidator has prepared an updated interim report as at 31 December 2021 on the progress made so far in the bankruptcy proceedings of Gable Insurance AG in liquidation. The report is now available in German, English, French and Italian for viewing and downloading.

Newsletter No. 14

What is the outcome of the continued General Review Hearing before the Princely Court of Justice on 20 December 2021?

The third 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 20 December 2021. The liquidator was able to declare to the Court the correctness and order of precedence of further 777 registered claims (damage and premium refund claims). Together, these claims amount to CHF 24.3 million, of which CHF 21.7 million apply to (privileged) insurance claims and CHF 2.6 million apply to (non-privileged) bankruptcy claims.

The liquidator was able to fully acknowledge 554 claims totalling CHF 3.2 million, but had to fully or partially contest 223 claims totalling CHF 21.1 million. Of the acknowledged claim amount, CHF 2.6 million apply to (privileged) insurance claims and CHF 0.6 million apply to (non-privileged) bankruptcy claims (class 4).

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.

The liquidator was able to report to the Princely Court of Justice and the representatives of creditors present with regard to the assets, that at present, there are liquid funds and assets to the value of around CHF 90.3 million. The liquidator expects regular and, in part, larger receipts from reinsured damage claims. These reinsurance benefits constitute the most valuable asset value which has not yet been realised.

For reasons of completeness, the liquidator refers to newsletter no. 6 and 11 which provided information regarding the outcome of the General Review Hearing of 12 December 2018 and 20 September 2020. This outcome is not included in the figures mentioned above. At the three General Review Hearings to date 12,526 bankruptcy claims totalling CHF 167.5 million were dealt with, of which claims totalling CHF 55 million were acknowledged and claims totalling CHF 112.5 million were contested.

The liquidator has not yet been able to examine or completely examine the remaining 950 registered claims.

In total, up until now, 13,476 claims totalling CHF 414.3 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 again been extended indefinitely for the time being.

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, approximately 2,200 registered damage cases are still being processed. We can therefore expect a number of additional claims to be registered.

How will creditors be informed of the outcome of the General Review Hearing of 20 December 2021?

The Princely Court of Justice shall notify in writing those creditors whose claims were with regard to the amount claimed and/or the applicable class (privileged or non-privileged) partially or fully contested on 20 December 2021. They may bring legal action against the estate of Gable within 14 days of receipt 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 completely or, for a partial contest, with regard to the proportion of the claim disputed. In addition, creditors are definitively classified in the recognised class.

Creditors whose claims were with regard to the amount claimed and/or the applicable class (privileged or non-privileged) acknowledged on 20 December 2021 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 at the beginning of 2022. A summary of this report will be published on the website.

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

The amount of the dividend (bankruptcy rate) cannot be estimated at the present time. Of the total registered claims in the amount of CHF 414.3 million, claims totalling CHF 246.8 million have not yet been examined or completely examined. Both the decision about acknowledging or contesting these claims and the classification as (privileged) insurance claims or (non-privileged) bankruptcy claims have a significant influence on the ratio of available assets and acknowledged liabilities.

The creditors cannot expect a (partial) pay-out until further notice. This is only conceivable once the General Review Hearing is complete.

Newsletter No. 13

Progress with regard to the examination of registered claims

Due to the progress made with regard to the examination of registered claims, the liquidator applied to the Princely Court of Justice in Vaduz (Bankruptcy Court) for another continuation of the General Review Hearing. In this context, the liquidator deems that, at the next continuation of the General Review Hearing, a declaration can be made to the Bankruptcy Court on the correctness and order of precedence of several hundred of the approximately 1,700 currently registered claims which have not yet been examined or completely examined. At the two previous General Review Hearings held in December 2018 and September 2020, the liquidator made a declaration in respect of 11,753 registered claims.

The liquidator intends to apply for another continuation of the General Review Hearing in the next year.

Furthermore, creditors of the bankrupt company may continue to register their claims with the liquidator prior to the completion of the General Review Hearing without detrimental effects.

Continuation of the General Review Hearing on 20 December 2021

The General Review Hearing (continuation of the review hearing) has been scheduled for Monday, 20 December 2021, 09:30 am at Liechtenstein’s Princely Court of Justice (Landgericht), courtroom 1, in Vaduz. The court order announcing the hearing is now available in German, English, French and Italian on our website.

Newsletter No. 12

Interim report of the liquidator (as at 31 December 2020)

The liquidator has prepared an updated interim report as at 31 December 2020 on the progress made so far in the bankruptcy proceedings of Gable Insurance AG in liquidation. The report is now available in German, English, French and Italian for viewing and downloading .

Corrigendum to Newsletter No. 11

The figures published on the result of the General Review Hearing of 12 December 2018 are incorrect. The following is correct: At that time, 166 (non-privileged) bankruptcy claims totalling CHF 22.6 million were dealt with, of which claims in the amount of CHF 1.2 million were acknowledged and claims in the amount of CHF 21.4 million were contested.

Newsletter No. 11

What is the outcome of the continued General Review Hearing before the Princely Court of Justice on 30 September 2020?

The second court hearing (continuation of the General Review Hearing of 12 December 2018) in the bankruptcy proceedings of Gable Insurance AG in liquidation (Gable) took place before the Princely Court of Justice (Landgericht) in Vaduz on 30 September 2020. The liquidator was able to declare to the Court the correctness and order of precedence of a total of 11,588 registered claims (damage and premium refund claims). Together, these claims amount to CHF 120.6 million, of which CHF 86.2 million apply to (privileged) insurance claims and CHF 34.4 million apply to (non-privileged) bankruptcy claims.

The liquidator was able to fully acknowledge 10,319 claims totalling CHF 51.5 million, but had to fully or partially contest 1,269 claims totalling CHF 69.1 million. Of the acknowledged claim amount, CHF 24.5 million apply to (privileged) insurance claims and CHF 27.0 million apply to (non-privileged) bankruptcy claims (class 4).

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.

The liquidator was able to report to the Princely Court of Justice and the representatives of creditors present with regard to the assets, that at present, there are liquid funds and assets to the value of around CHF 89.5 million. The liquidator expects regular and, in part, larger receipts from reinsured damage claims. These reinsurance benefits constitute the most valuable asset value which has not yet been realised.

For reasons of completeness, the liquidator refers to newsletter no. 6 which provided information regarding the outcome of the General Review Hearing of 12 December 2018. This outcome is not included in the figures mentioned above. At that time, 165 (non-privileged) bankruptcy claims totalling CHF 24.2 million were dealt with, of which claims totalling CHF 13.3 million were acknowledged and claims totalling CHF 10.9 million were contested.

The liquidator has not yet been able to examine or completely examine the remaining 1,598 registered claims. The creditors of these claims are asserting CHF 256.4 million.

In total, up until now, 13,351 claims totalling CHF 401.2 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 again been extended indefinitely for the time being.

In the meantime, the liquidator is continuing the review process with regard to the approximately 1,600 claims which have not yet been examined or completely examined. The examination of one part of these claims could not be completed before now, because a new request for an advisory opinion is pending at the EFTA Court under case number E-5/20 (information can be found at www.eftacourt.int). The request for an advisory opinion is based on legal action of two French creditors against the Liechtenstein supervision authority (FMA). As part of these national proceedings, the Princely Supreme Court (Oberster Gerichtshof) directed questions to the EFTA Court with regard to the interpretation of European Directive 2009/138/EC. The liquidator is involved in neither the national main proceedings nor in the preliminary ruling proceedings before the EFTA Court. However, the outcome of the proceedings could possibly have an effect on the correct classification of registered claims, after the fundamental question was raised, whether the claims from aggrieved third parties constitute (privileged) insurance claims or (non-privileged) bankruptcy claims. The ruling of the EFTA Court is expected in 2021.

Apart from this, approximately 4,000 registered damage cases are still being processed. We can therefore expect a larger number of additional claims to be registered.

How will creditors be informed of the outcome of the General Review Hearing of 30 September 2020?

The Princely Court of Justice shall notify in writing those creditors whose claims were partially or fully contested on 30 September 2020. They may bring legal action against the estate of Gable within 14 days of receipt 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 completely or, for a partial contest, with regard to the proportion of the claim disputed.

Creditors whose claims were acknowledged on 30 September 2020 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 at the beginning of 2021. A summary of this report will be published on the website.

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

The amount of the dividend (bankruptcy rate) cannot be estimated at the present time. Of the total registered claims in the amount of CHF 401.2 million, claims totalling CHF 256.4 million have not yet been examined or completely examined. Both the decision about acknowledging or contesting these claims and the classification as (privileged) insurance claims or (non-privileged) bankruptcy claims have a significant influence on the ratio of available assets and acknowledged liabilities.

The creditors cannot expect a (partial) pay-out until further notice. This is only conceivable once the General Review Hearing is complete.

Newsletter No. 10

Interim report of the liquidator (as at 31 December 2019)

The liquidator has prepared an updated interim report as at 31 December 2019 on the progress made so far in the bankruptcy proceedings of Gable Insurance AG in liquidation. The report is now available in German, English, French and Italian on our website for viewing and downloading.

Continuation of the General Review Hearing on 30 September 2020

The General Review Hearing (continuation) has been scheduled for Wednesday, 30 September 2020, 09:00 a.m. at Liechtenstein’s Princely Court of Justice (Landgericht), courtroom 6, in Vaduz. The court order announcing the hearing is now available in German, English, French and Italian on our website.

Creditors who file their claims at a later date will have to bear any resulting additional costs and will be unable to contest any claims that have been reviewed before.

Newsletter No. 9

EFTA Court – judgement of 10 March 2020

On 10 March 2020 the EFTA Court issued its judgement on the request for an advisory opinion by Liechtenstein’s Princely Court of Justice (Landgericht) of 29 March 2019. The Princely Court of Justice referred a number of questions to the EFTA Court on the interpretation of European Directive 2009/138/EC. The judgement has been published in German and in English on the EFTA Court website (https://eftacourt.int/cases/e-03-19/).

In its judgement, the EFTA Court began by clarifying the term “insurance claim”. It stated that a claim was considered to be an insurance claim if the insured event occurred while the insurance contract was in effect. This means the insurance claim must have arisen before the cancellation of an insurance contract. It is for national law to determine whether, as a further condition, a claim of this nature must have been lodged or admitted before the opening of the winding-up proceedings.

The EFTA Court has also answered the question of whether premium refund claims constitute insurance claims. According to its judgement, this is only the case if the premium refund claimed relates to an insurance contract that was cancelled before the opening of the winding-up proceedings. Where an insurance contract has been cancelled after the opening of those winding-up proceedings, the claim for reimbursement of unearned premiums does not constitute an insurance claim.

Finally, on the issue of equal treatment of insurance creditors, the EFTA Court stated that Directive 2009/138/EC leaves it open to national law whether it wishes to distinguish between categories of insurance claims or to separate such claims into different categories. This is compatible with the Directive, provided those rules ensure that insurance claims take precedence over other claims. It is also necessary to ensure that the principle of equal treatment of insurance creditors and the principle of non-discrimination are respected.

The EFTA Court has provided the anticipated answers on the concept of “insurance claims” and the equal treatment of insurance creditors. Liechtenstein law does not distinguish between categories of insurance claims, and for this reason the creditors of insurance claims have to be treated equally. For a claim to be treated as an insurance claim, the insured event must have occurred while the insurance contract was in effect. The question of whether additional conditions have to be met can only be assessed after examining the individual insurance contract, the insurance conditions applicable to it and relevant national statutory provisions.

By contrast, the EFTA Court’s reply concerning the classification of premium refund claims came as a surprise to the liquidator. The consequence of this is that almost all claims for reimbursement of unearned premiums have to be treated as fourth class bankruptcy claims instead of insurance claims.

Newsletter No. 8

Continuation of the general audit hearing in 2020

To keep you updated and following various requests from a number of creditors, we are able to inform you that, upon receipt of the EFTA Court’s judgement on procedural issues, the liquidator intends to request the continuation of the General Review Hearing. It should therefore be expected to hold this General Review Hearing during the second quarter of 2020. Creditors will be informed about the definitive date in good time via this website and by newsletter.

Interim report of the liquidator as at 31 December 2019

The liquidator is planning to publish an interim report as at 31 December 2019, detailing the progress made to date and the further measures that are planned within the context of the bankruptcy proceedings of Gable Insurance AG in bankruptcy, by March 2020. As in the past, the report will be made available for reading or downloading in the languages German, English, French and Italian on our website www.gableinsurance.li.

The liquidator thus fulfils its obligation according to the Insurance Supervision Act, whereby policyholders and other creditors must be regularly kept updated about the bankruptcy proceedings.

Newsletter No. 7

Interim report of the liquidator (as at 31 December 2018)

The liquidator has prepared an updated interim report as at 31 December 2018 on the progress made so far in the bankruptcy proceedings of Gable Insurance AG. The report is now available in German, English, French and Italian on our website for viewing and downloading.

Corrigendum to Newsletter No. 6

The figures published on the result of the General Review Hearing of 12 December 2018 are incorrect. The following is correct: The liquidator declared the correctness and order of precedence of 166 registered (non-privileged) bankruptcy claims (classes 1 to 4), which amount to CHF 22.6 million in total. The liquidator acknowledged claims totalling CHF 1.2 million and contested claims totalling CHF 21.4 million.

The Princely Court of Justice correctly recorded the result of the review hearing in the register of claims.

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.

Registering premium refunds

In conjunction with the deadline for registering your claims of 1 September 2018, we take this opportunity to inform all former insured persons who could be entitled to claim a “pro rata temporis” refund of their paid premiums as follows:

No automatic registration of claims

Pursuant to Art. 161 Para. 5 of the Liechtenstein Insurance Supervision Act, (“VersAG”), insurance claims that are ascertainable in the financial records of the insurance company are considered to have been registered.

We herewith draw your attention to the fact that no claims of insured persons are properly ascertainable in the financial records of Gable Insurance AG in bankruptcy. For this reason, in particular, it is not possible to register premium refunds automatically.

We therefore kindly ask you to register your premium refunds together with the necessary documented evidence (at your own initiative) directly using the electronic form. In this conjunction, please note the instructions that are contained in the form.

In order to prevent mistakes being made when calculating the premium refund, we also remind you that your insurance contract was dissolved by law on 16 December 2016. This means 16 December 2016 is the effective date for calculating the share of the premium that you may be entitled to reclaim.

Data Protection Notice Gable Insurance AG in bankruptcy

We are pleased to inform you about the following changes in relation to the new General Data Protection Regulation:

Data Protection Notice

The Data Protection Notice of Gable Insurance AG in bankruptcy has been amended. With this Notice we wish to provide you with an overview of the processing of your data and your rights in accordance with the provisions of the General Data Protection Regulation (“GDPR”) and the Liechtenstein Data Protection Act (Datenschutzgesetz – “DSG”). You will find the Data Protection Notice under https://gableinsurance.li/en/datenschutz/.

Newsletter

We would like to keep you updated on the progress of the bankruptcy proceedings as well as current developments in the form of a Newsletter. In order to enable you (to continue) to receive the Newsletter, a (renewed) registration is necessary.

You may revoke this registration at any time. Complete associated information is set out in our Data Protection Notice.

Interim report of the liquidator (as at 31 December 2017)

The liquidator has prepared a first interim report on the progress made so far in the bankruptcy proceedings of Gable Insurance AG. The report is now available in German, English, French and Italian on our website www.gableinsurance.li for viewing and downloading.

With kind regards

BATLINER WANGER BATLINER Attorneys at Law AG

as liquidator of Gable Insurance AG in liquidation

Extension of the time-limit for the registration of claims

Dear Sir or Madam,

At the request of the trustee in bankruptcy of Gable Insurance AG in bankruptcy, the Princely Court of Justice has extended the time-limit for the registration of the creditors’ claims, which was originally set for 01 Sep 2017. Now, creditors may register their claims with the trustee in bankruptcy until 1 September 2018; registration at a later date is possible in principle, but subject to the bearing of any additional costs caused by such late registration.

At the same time, the Princely Court of Justice has moved the date for the general review hearing. It will now take place on 12 December 2018.
For all further details, please refer to the order of the Princely Court of Justice, which can be retrieved from this website.

New FAQ

We have been regularly asked to answer various questions in the course of our activities so far as Trustee in Bankruptcy of Gable Insurance AG in bankruptcy.
We have now compiled the most important and frequent questions in a revised catalogue of questions and answers. We have listed questions concerning policyholders and other creditors in separate catalogues.
You can find this information in German, English, French and Italian on our website www.gableinsurance.li.
We would also like to inform you about the possible benefits and contact details of the various national guarantee funds in Europe. We have created a summary table for this purpose which is now available on our website.
Should you have any further questions that are not answered by the aforementioned information sheets, particularly questions regarding individual concerns, please contact us by e-mail to gable@bwb.li.

File a claim form online

Further to our communication concerning the notification of your claim against Gable Insurance AG in bankruptcy we would like to inform you as follows:

Policyholders

For registering a claim based upon an insurance contract (e.g. premium refund or damage claim) please use the following form: http://gableinsurance.li/file-a-claim/
Please be informed that in the event of a non adjusted damage claim we would like to ask you to contact your broker in order to get assistance regarding claims notification and/or claims handling.
In respect of existing claims, policyholders must continue to liaise with their brokers and/or Gable AG claims handling agent/representative.
ENSTAR (EU) Limited (“ENSTAR”) has been appointed as Gable AG’s overall run-off manager. Thus, in the event that no other claims representative has been appointed, policyholders may contact ENSTAR at Gable.Claims@enstargroup.com.

Non-Policyholders

For registering a claim which is not based upon an insurance contract (e.g. Claims of Brokers or any third parties) please use the following form: http://gableinsurance.li/file-a-claim-non-policyholders/

The forms are now available on our web-site www.gableinsurance.li . Many thanks for your most appreciated cooperation.

Appointment of Enstar (EU) Limited as Run-Off Manager

Following the Liechtenstein Princely Court’s appointment of BATLINER WANGER BATLINER Rechtsanwälte AG as liquidator of Gable Insurance AG, the liquidator has appointed Enstar (EU) Limited as Run-Off Manager for Gable Insurance AG with effect from 16 December 2016.
As Run-Off Manager, Enstar (EU) Limited is responsible for all Claims Management and Technical Operations of Gable Insurance AG. For further information about Enstar’s appointment, you can contact Enstar at Gable.Claims@enstargroup.com.
About the Enstar Group
Enstar (EU) Limited is part of the Enstar Group, a multi-faceted insurance group that offers innovative capital release solutions and specialty underwriting capabilities through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. Enstar is a market leader in completing legacy acquisitions, having acquired over 75 companies and portfolios since its formation in 2001. Enstar’s active underwriting businesses include the StarStone group of companies, an A- rated global specialty insurance group with multiple global underwriting platforms, and the Atrium group of companies, which manage and underwrite specialist insurance and reinsurance business for Lloyd’s Syndicate 609. For further information about Enstar, see www.enstargroup.com.

Order of the Princely Court of Justice dated 17 Nov 2016

By order of the Princely Court of Justice dated 17 Nov 2016, bankruptcy proceedings were opened on the assets of Gable Insurance AG, Bergstrasse 10, 9490 Vaduz (registration no.: FL-0002.161.375-6).

The law firm of BATLINER WANGER BATLINER Rechtsanwälte AG, Am Schrägen Weg 2, 9490 Vaduz, was appointed as the trustee in bankruptcy. It is the duty of the trustee in bankruptcy to ascertain, collect, and secure the assets and to determine the debts. In particular, the trustee in bankruptcy reviews the registered claims. More detailed information on this can be found in the Edict on the Opening of Bankruptcy Proceedings and in the Deed of Appointment. Both are available for download.

The present bankruptcy proceedings are subject to the Liechtenstein Konkursordnung (KO, Bankruptcy Act) and the Liechtenstein Versicherungsaufsichtsgesetz (VersAG, Act on Insurance Supervision). The opening of bankruptcy proceedings has deprived Gable Insurance AG of the capacity to freely dispose of its assets. As from that time, any legal acts carried out by Gable Insurance AG that concern the bankrupt’s estate are ineffective with regard to the bankrupt’s creditors. The opening of bankruptcy proceedings causes the permit to work as an insurance company to be withdrawn. As a result of the withdrawal of that permit, every policy holder has the right to terminate the insurance contract with Gable Insurance AG immediately. If this right of termination is not exercised, the insurance contract expires four weeks after the fact of the opening of bankruptcy proceedings was published on 18 Nov 2016. This means that the insurance contracts will expire on 16 Dec 2016 at the latest.

The creditors of the bankrupt must register their claims with the trustee in bankruptcy until 01 Sep 2017. Registration at a later date is possible, but the creditor will then have to bear any additional costs caused by this and will be unable to contest any claims that have been reviewed before. Policy holders whose insurance claims are evident from the books of Gable Insurance AG need not register their claims because their claims are already deemed to have been registered. Registration is nevertheless possible, and is in fact expressly welcomed by the trustee in bankruptcy.

Please use the form available on this website in due course to register your claims.