The Special Administrator of Gable Insurance AG, PricewaterhouseCoopers AG, Birchstrasse 160, 8050 Zürich, Switzerland (PwC) has filed an application with the competent Liechtenstein Court seeking an order that Gable Insurance AG is wound-up. The decision if and when winding-up proceedings are opened falls within the exclusive competence of the Liechtenstein court.
The Special Administrator had called an extraordinary shareholders’ meeting of Gable Insurance AG on 11 November 2016 at which the shareholder of Gable Insurance AG, Gable Holdings Inc., had been asked to inject funds to cover the over-indebtedness of Gable Insurance AG. Gable Holdings Inc., which was represented at that shareholders’ meeting, has not injected further funds into Gable Insurance AG.
On 10 October 2016, the Liechtenstein Financial Market Authority (FMA) had appointed PwC as Special Administrator for Gable Insurance AG to assess the financial situation of Gable Insurance AG and protect the interests of Gable Insurance AG‘s policy holders.