Bankruptcy proceedings against FlowBank
- Thread starter fintechwizard
- Start date
- Status
well if the securities are registered in the brokers name and not yours, it could take some time to unwind.
They are in many cases registered by the broker, similar to how blackrock owns shares in their etf (they can vote on these shares but you cant) you still own it tho (or hope to do so).
If you have a sophisticated broker, they show you their custodians name, vice versa looking at a company the top shareholders are often names of banks
UBS AG HONG KONG BRANCH
CITIBANK NOMINEES SINGAPORE PTE LTD
Doesnt mean the securities are lost tho.
At this stage I believe best is to reach out to the liquidator and request update.
If I had a substantial amount with this bank, I would travel to Switzerland and meet liquidator and ask him face to face. Give me exact date when i get back my money!
If I had a substantial amount with this bank, I would travel to Switzerland and meet liquidator and ask him face to face. Give me exact date when i get back my money!
Well, this is the only thing we know so far:
Custody assets according to Article 16 of the Banking Act (such as shares, bonds, funds, certificates etc.) remain the property of the clients, do not form part of the bankrupt estate and will be transferred to them subject to any compensation or restrictions.
The Liquidators are currently preparing the modalities of transfer, which will be communicated to the clients as soon as possible.
Securities and corporate actions account (AAA.099): this account contains all client securities and cash resulting from corporate actions
All shares I have are correctly shown in this account, I didnt have any cash
Last edited: Jul 10, 2024
3. Segregation of custody assets
Custody assets according to Article 16 of the Banking Act (such as shares, bonds, funds, certificates etc.) remain the property of the clients, do not form part of the bankrupt estate and will be transferred to them subject to any compensation or restrictions.
The Liquidators are currently preparing the modalities of transfer, which will be communicated to the clients as soon as possible.
Securities and corporate actions account (AAA.099): this account contains all client securities and cash resulting from corporate actions
All shares I have are correctly shown in this account, I didnt have any cash
Last edited: Jul 10, 2024
Does anyone know the ”žFlowbank Recovery Syndicate" Telegram group? I can't find it. Does anyone have the link?
https://agefi.com/actualites/entrep...ank-se-regroupent-pour-recuperer-leurs-titres
https://agefi.com/actualites/entrep...ank-se-regroupent-pour-recuperer-leurs-titres
Yes, I'm in there, but nothing interesting. You can now transfer the securities, did you get the information yesterday and fill out the form?
The system is currently overloaded, I don't think there's anything you can do. I was lucky that I filled it out quickly yesterday.
There is
Flow Bank is facing technical difficulties...
When I click on securities just fail to load and goes on and on..probably that option turned off for the weekend
LOL, never fail to disappoint.
I was lucky that I filled it out quickly yesterday.
Did you just fill under securities?
First question is for Iban number and the name,
Do I need that as well ? Or just brokers details under securities?!
Flow Bank is facing technical difficulties...
When I click on securities just fail to load and goes on and on..probably that option turned off for the weekend
LOL, never fail to disappoint.
I was lucky that I filled it out quickly yesterday.
Did you just fill under securities?
First question is for Iban number and the name,
Do I need that as well ? Or just brokers details under securities?!
The usual: Name, address, IBAN (every deposit account actually has this), bank name, bank phone number.
The system will be overloaded because over 20K customers access it.
PS: In future, you should check your emails in real time, for example on your cell phone, so that you don't miss anything.
The usual: Name, address, IBAN (every deposit account actually has this), bank name, bank phone number.
The system will be overloaded because over 20K customers access it.
I understand but ive no cash so i dont know how relevant is this to me.
PS: In future, you should check your emails in real time, for example on your cell phone, so that you don't miss anything.
I like to have a drink or two and relax...
I was glued up to L2 screens for years, every day, no good for your health and blood pressure.
Im not in hurry with this transfer as long as it lands with my broker.
The system will be overloaded because over 20K customers access it.
I understand but ive no cash so i dont know how relevant is this to me.
PS: In future, you should check your emails in real time, for example on your cell phone, so that you don't miss anything.
I like to have a drink or two and relax...
I was glued up to L2 screens for years, every day, no good for your health and blood pressure.
Im not in hurry with this transfer as long as it lands with my broker.
- Status