In the bankruptcy proceedings pending before the Princely Court of Justice regarding the assets of Gable Insurance AG in bankruptcy, a former insurance company based in Liechtenstein, the trustee in bankruptcy has contested various known creditor claims in whole or in part.
To date, however, it has not been possible in many cases for the liquidator and the court to notify the creditors in a legally effective manner that the claims filed by them have been disputed.
It should be noted that, under the applicable bankruptcy law, the receipt of such a notification triggers a non-extendable period of 14 days within which the creditor initiates an action to assert the disputed claims (action for an order). If no such action is taken, the creditors are excluded from the bankruptcy proceedings and the claims can no longer be asserted.
In the meantime, the Princely Court of Justice has decided to notify the creditors of the contestation by means of an announcement in the electronic Official Gazette, so that the period for filing the action for an injunction is triggered by the announcement.
Accordingly, there is an increased need for action for those creditors whose claims have been disputed but who wish to continue to assert and enforce their claims. This is because in the event of inactivity, their disputed claims would be excluded from the bankruptcy proceedings.
Our law firm already represents a large number of creditors in bankruptcy proceedings and supports them in asserting and enforcing their claims.
We are happy to support affected creditors in examining and asserting disputed claims against the bankruptcy estate.
Originally published 16 November 2023
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