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Sora Bank

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sebminblow

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Jul 7, 2022
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Hey Guys ,
i heard that Sora bank (Liechtenstein) is going for voluntary liquidation (closing of the bank)
anyone have any information about it ?
 
The bank previously served many clients with connections to Russia and Belarus, and now they‌ are struggling to find new clients.
 
What does voluntary liquidation mean? That depositors should get whole money back or only up‌ to 100,000 CHF? Or something in between?
 
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
 
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!
 
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).
 
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 former︅ seggegated portfolio. There was mostly only cash with Sora bank.
Does anyone has any clue︆ what could I do in order that we get our money back?
 
If a client⁣ has stocks or etfs, he can transfer it to other bank I believe
But for⁢ cash 100k
Please confirm
 
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.
 
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.
 
If such a strange / not well explained events are happening, in︉ addition to @Sols 's recommendation below
I would recommend to contact a qualified attorney. Naturally, it will not︍ be for free; but when I fight for 100k, it is worth some hundreds for︎ a consultation, IMO.
My first bet for such a case would be Florian Marxer (or️ 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.
 
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...
 
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