Press release: Occurrence of payout and compensation event at Sora Bank AG in Liquidation

By its decision dated 1 March 2024, the Liechtenstein Court of Justice opened bankruptcy proceedings in respect of the assets of Sora Bank AG in Liquidation (Sora) and appointed Deloitte (Liechtenstein) AG as the bank liquidator (see eAmtsblatt).

Sora's licence to operate a bank lapsed on 7 March 2023 in accordance with Article 27(1)(c) of the Banking Act (BankG) pursuant to renunciation in writing. Sora has been in voluntary liquidation since 7 March 2023 (see FMA Announcement).

By law, the decision of the Court of Justice dated 1 March 2024 to open bankruptcy proceedings triggers a payout and compensation event in accordance with the Deposit Guarantee and Investor Compensation Act (EAG) effective 5 March 2024 (Article 7(1)(c) EAG and Article 36(1)(c) EAG).

The covered deposits and covered investments of Sora's clients are protected within the scope of the EAG. Sora is a member of the statutory protection scheme, the Deposit Guarantee and Investor Compensation Foundation PCC (EAS). Upon the occurrence of a payout and compensation event, EAS examines the claims of depositors and investors and satisfies them up to the statutory maximum amounts if the statutory requirements are met.

EAS is already in contact with Sora and is preparing to administer the proper payout.

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