April 04, 2023
FAQ of Sora Bank AG in voluntary liquidation
• Why is the Bank being voluntarily liquidated?
Sora Bank AG has held a banking license since 2001, until December 2022 under the name Bank Alpinum AG. Since the takeover by a new majority owner in September 2021, attempts have been made to economically restructure Sora Bank AG (formerly Bank Alpinum AG). Despite great efforts of the employees, the management and the board of directors, this did not succeed. Sora Bank AG continued to make annual losses with no change in sight.
Within the framework of the extraordinary general meeting on March 7, 2023, the voluntary liquidation of the Bank by the shareholder was decided.
• What are the legal consequences of the voluntary liquidation of the Bank?
With the voluntary liquidation, Sora Bank AG i.L. renounced its banking license on March 7, 2023 and notified this renunciation in writing to the Financial Market Authority FMA Liechtenstein.
Since the entry of the liquidation of the Bank in the Commercial Register of the Principality of Liechtenstein on March 10, 2023, the Bank no longer pursues the purpose of providing banking services on a commercial basis. The Financial Market Authority FMA Liechtenstein takes the necessary measures for the execution of the liquidation and the winding up of the current business and issues the necessary instructions to the appointed liquidators. The Financial Market Authority FMA Liechtenstein also supervises the liquidators and the liquidation process.
The purpose of winding up the Bank has replaced the former purpose of the Bank: Current operations are to be terminated, liabilities are to be discharged to the extent permitted by the assets in accordance with the order of priority under insolvency law, assets are to be sold at auction, and outstanding member contributions are to be collected to the extent necessary to cover liabilities (art. 136 para. 1 PGR (Law on Persons and Companies)).
As a result of a change of purpose to the liquidation purpose, those contracts which were originally concluded in pursuit of the original purpose shall be terminated upon liquidation.
• What is the liquidation process like?
The liquidators first take stock of the situation and then, taking into account the interests of the creditors, terminate the current business, combine assets and settle liabilities or pay off corporate debts. If available, the liquidation surplus will be distributed to the shareholders and finally the cancellation of the Bank in the commercial register will be applied for.
Currently we are in the phase of stocktaking, in which also the possibility of a transfer of assets to another local bank is examined. Interested parties and customers are welcome to contact the contact point below in this regard. The details of the asset transfer are currently being determined.
The duration of the sales process depends, among other things, on economic conditions as well as market and liquidity factors and is difficult to predict in advance.
• How long is the voluntary liquidation likely to take?
The current liquidation scenario assumes an orderly liquidation by March 2024. Due to the complexity of the process, the duration of the liquidation proceedings may vary significantly from the planning horizon presented, which may have a material impact on the outcome of the liquidation proceedings.
• What does this mean for my customer relationship?
The Bank is in a voluntary liquidation. Deposits are no longer possible as well as credit transactions. All withdrawals will be properly recorded. We only ask for your patience, as there may be delays in bookings and execution. In principle, orders can be placed regularly.
The customers of Sora Bank AG i.L. gave us their trust. This also entails a large responsibility. Sora Bank AG i.L. and its owners are now living up to this responsibility by taking necessary measures at an early stage. The shareholders of Sora Bank AG have consciously taken the step of voluntary liquidation. It is important to the shareholders and the Bank. They strive to ensure that the interests of customers and creditors are protected.
• Who can I contact if my question is not answered in this FAQ?
The liquidators will be happy to answer further questions by telephone +423 239 62 11 (09:00-12:00; 12:30-17:00) or e-mail info@sorabank.com.
The liquidators reserve the right to request appropriate proof (proof of ownership or power of attorney) when questions are submitted by customers or their representatives (e.g. consultants and lawyers) and not to answer further questions in case of failure to provide such proof.
• About the liquidators
The liquidation is executed by KPMG (Liechtenstein) AG as statutory auditor. In addition, Heinz Konzett has been appointed as co-liquidator with collective signing rights.
The liquidators may mandate external advisors if this is convenient with the fulfillment of the liquidation purpose and content.
Status: 04.04.2023 // These FAQ’s will be updated regularly.
March 07, 2023
Press release on the decision to voluntarily liquidate Sora Bank AG and to surrender the banking licence
Sora Bank AG has held a banking licence since 2001, until December 2022 under the name Bank Alpinum AG.
Since the acquisition by a new majority shareholder in September 2021, attempts have been made to restructure Sora Bank AG (formerly Bank Alpinum AG). Despite great efforts on the part of the employees, the Executive Board and the Board of Directors, these attempts have not succeeded. Sora Bank AG continually makes losses every year and no change in the situation is foreseeable.
After careful deliberation, the shareholders therefore agreed today to dissolve Sora Bank AG and enter into voluntary liquidation. The general assembly has decided to renounce the banking licence. The written renunciation has been submitted to the financial market supervisory authority.
The customers of Sora Bank have placed their trust in us. This also comes with great responsibility. Sora Bank AG and its owners are now fulfilling this responsibility by taking the necessary measures at an early stage. The shareholders of Sora Bank AG have consciously taken the step of voluntary liquidation. For the shareholders and the bank, it is important that the interests of customers and creditors are protected.
The liquidation will be managed by KPMG (Liechtenstein) AG as auditor under banking law. In addition, Heinz Konzett – who was already a member of the Executive Board – has also been appointed as co-liquidator. The financial market supervisory authority is taking the requisite measures for the execution of the liquidation and the processing of ongoing business and issuing the necessary instructions to the liquidators. Moreover, the authority is overseeing the liquidators and the liquidation process.
We wish to take this opportunity to express our thanks for the trust placed in us and hope that all affected parties are able to understand this step. All employees also deserve gratitude and recognition for their commitment.
Phone: +423 239 62 11
Contact: info@sorabank.com