Sora Bank

[sebminblow]

Hey Guys ,
i heard that Sora bank (Liechtenstein) is going for voluntary liquidation (closing of the bank)
anyone have any information about it ?

 

[Sols]

https://www.fma-li.li/en/news/20230...k-ag-resolution-of-voluntary-liquidation.html
https://www.sorabank.com/en/
Seems like they just couldn't find a way to turn a profit. The bank was previously known as Bank Alpinum. I had missed that things had gone so poorly for formerly Bank Alpinum recently. Maybe that's why they were one of the easiest banks in Liechtenstein to open accounts with just a couple of years ago.

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This is the probably the answer to your question.

 

[pfser]

The bank previously served many clients with connections to Russia and Belarus, and now they are struggling to find new clients.

 

[lacomaco]

pfser said:
The bank previously served many clients with connections to Russia and Belarus, and now they are struggling to find new clients.
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Ot cryptos”¦ They had no economies of scale

 

[mendo]

What does voluntary liquidation mean? That depositors should get whole money back or only up to 100,000 CHF? Or something in between?

 

[lacomaco]

mendo said:
What does voluntary liquidation mean? That depositors should get whole money back or only up to 100,000 CHF? Or something in between?
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Depositors get the SFr100,000 back, and if the bank assets are less than the liabilities then the difference is divided between unsecured creditors such as you

 

[mendo]

Actually, we had been told that we will get everything in full, that the money is not the problem. But on the beggining of March this year, they declared real bankruptcy.
https://www.sorabank.com/en/
I have a problem, as I was told that we are "an investment scheme" and therefore not entitled not even to the 100.000 CHF deposit insurance payment.
Does anyone has any clue what could I do in order that we get our money back?
Manny thanks in advance!

 

[Sols]

mendo said:
I have a problem, as I was told that we are "an investment scheme" and therefore not entitled not even to the 100.000 CHF deposit insurance payment.
Does anyone has any clue what could I do in order that we get our money back?
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Usually when this happens, a liquidator is appointed, and you have to contact them to know what the process for retrieval of funds is. This can unfortunately take weeks and months, even years in some cases.

Investments often aren't covered, meaning that even if deposits are safe, investments might not. Keep an eye on the bank's website and EAS (Payout event Sora Bank - Englisch).

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This is the probably the answer to your question.

 

[mendo]

Sols said:
Usually when this happens, a liquidator is appointed, and you have to contact them to know what the process for retrieval of funds is. This can unfortunately take weeks and months, even years in some cases.

Investments often aren't covered, meaning that even if deposits are safe, investments might not. Keep an eye on the bank's website and EAS (Payout event Sora Bank - Englisch).
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the issue is, that the Liechtenstein deposit protection scheme does not want to pay us out not even usually assured first 100.000 CHF, as I was told that we are "an investment scheme" and therefore not entitled not even to the 100.000 CHF deposit insurance payment.

mendo said:
the issue is, that the Liechtenstein deposit protection scheme does not want to pay us out not even usually assured first 100.000 CHF, as I was told that we are "an investment scheme" and therefore not entitled not even to the 100.000 CHF deposit insurance payment.
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Cayman limited company which acts as a liquidating SPV for former seggegated portfolio. There was mostly only cash with Sora bank.
Does anyone has any clue what could I do in order that we get our money back?

 

[uranium]

Sols said:
Usually when this happens, a liquidator is appointed, and you have to contact them to know what the process for retrieval of funds is. This can unfortunately take weeks and months, even years in some cases.

Investments often aren't covered, meaning that even if deposits are safe, investments might not. Keep an eye on the bank's website and EAS (Payout event Sora Bank - Englisch).
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If a client has stocks or etfs, he can transfer it to other bank I believe
But for cash 100k
Please confirm

 

[mendo]

not in every case. In our case the Liechstein deposit protection scheme wants to screw us for even the first 100k for which we have been convinced, that they protected scheme. It is a vile story and I will come back with more info what they doing in Liechtenstein.

 

[uranium]

mendo said:
not in every case. In our case the Liechstein deposit protection scheme wants to screw us for even the first 100k for which we have been convinced, that they protected scheme. It is a vile story and I will come back with more info what they doing in Liechtenstein.
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Please share bank name

 

[mendo]

uranium said:
Please share bank name
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Sora bank, former Bank Alpinum.
But the bank shouldn't matter, as Deposit protection scheme works on a country level and it is same for all the banks.

 

[Forester]

mendo said:
Actually, we had been told that we will get everything in full, that the money is not the problem. But on the beggining of March this year, they declared real bankruptcy.
https://www.sorabank.com/en/
I have a problem, as I was told that we are "an investment scheme" and therefore not entitled not even to the 100.000 CHF deposit insurance payment.
Does anyone has any clue what could I do in order that we get our money back?
Manny thanks in advance!
Click to expand...

mendo said:
the issue is, that the Liechtenstein deposit protection scheme does not want to pay us out not even usually assured first 100.000 CHF, as I was told that we are "an investment scheme" and therefore not entitled not even to the 100.000 CHF deposit insurance payment.


Cayman limited company which acts as a liquidating SPV for former seggegated portfolio. There was mostly only cash with Sora bank.
Does anyone has any clue what could I do in order that we get our money back?
Click to expand...

mendo said:
not in every case. In our case the Liechstein deposit protection scheme wants to screw us for even the first 100k for which we have been convinced, that they protected scheme. It is a vile story and I will come back with more info what they doing in Liechtenstein.
Click to expand...

If such a strange / not well explained events are happening, in addition to @Sols 's recommendation below

Sols said:
Usually when this happens, a liquidator is appointed, and you have to contact them to know what the process for retrieval of funds is. This can unfortunately take weeks and months, even years in some cases.

Investments often aren't covered, meaning that even if deposits are safe, investments might not. Keep an eye on the bank's website and EAS (Payout event Sora Bank - Englisch).
Click to expand...

I would recommend to contact a qualified attorney. Naturally, it will not be for free; but when I fight for 100k, it is worth some hundreds for a consultation, IMO.
My first bet for such a case would be Florian Marxer (or someone recommended by him) from Marxer & Partner (www.marxerpartner.com) but any input from some other member is welcome, I am not so well oriented in LI.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[mendo]

Forester, thanks!

 

[Forester]

mendo said:
Forester, thanks!
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You are welcome.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[daniels27]

Have you read the law?

https://www.gesetze.li/konso/2019103000

1) Einlagen sind erstattungsfähig, mit folgenden Ausnahmen:
j) Einlagen von Verwaltungsgesellschaften im Sinne von Art. 3 Abs. 1 Bst. e des Investmentunternehmensgesetzes;
k) Einlagen von Investmentunternehmen im Sinne von Art. 3 Abs. 1 Bst. a des Investmentunternehmensgesetzes;
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Rest to check if the law conforms the EU directive.

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:32014L0049

Article 5

Eligibility of deposits

1. The following shall be excluded from any repayment by a DGS:

(d) deposits by financial institutions as defined in point (26) of Article 4(1) of Regulation (EU) No 575/2013;

(e) deposits by investment firms as defined in point (1) of Article 4(1) of Directive 2004/39/EC;
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Not sure about your chances claiming that your SPV for a segregated portfolio is not an investment vehicle. I wish I had better news for you.

Last edited: Apr 28, 2024

 

[JohnLocke]

daniels27 said:
Not sure about your chances claiming that your SPV for a segregated portfolio is not an investment vehicle. I wish I had better news for you.
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I agree you get an hard time to proof that.

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[daniels27]

If I see what courts cost in Switzerland and under the assumption that Liechtenstein is not much better, there is no point going to court.
https://www.nzz.ch/schweiz/kostspielige-justiz-in-der-schweiz-wer-soll-das-bezahlen-ld.1681569

 

[Forester]

daniels27 said:
If I see what courts cost in Switzerland and under the assumption that Liechtenstein is not much better, there is no point going to court.
https://www.nzz.ch/schweiz/kostspielige-justiz-in-der-schweiz-wer-soll-das-bezahlen-ld.1681569
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Liechtenstein can be even more expensive, AFAIK.
I agree with you and with @JohnLocke that it would be probably a hard time, nevertheless, I would not personally make many conclusions from the one sentence “Cayman limited company which acts as a liquidating SPV for former seggegated portfolio.” (that remains a bit unclear to me, I admit). Just consulting a good lawyer is a must IMO in such a case. (And, good lawyers can sometimes make miracles, as we know 😉 )
I was not talking about going straightly to court, it is a nonsense in any case, not only here...

Last edited: Apr 28, 2024
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...