Liquidation notice
We herewith wish to inform you that the shareholder of Banque Havilland (Liechtenstein) AG, Banque Havilland S.A., has decided on 26 July 2024, in consultation with the board of directors of Banque Havilland (Liechtenstein) AG to cease its business activities in Liechtenstein and Switzerland and therefore to enter into the voluntary liquidation process with Banque Havilland (Liechtenstein) AG (including its Zurich branch).
Simultaneously, Banque Havilland (Liechtenstein) AG has renounced its banking licenses in Liechtenstein and Switzerland. The Liechtenstein Financial Market Authority (FMA) as well as the Swiss Financial Market Supervisory Authority (FINMA) have been informed of the liquidation as well as the renouncement of the
banking licenses accordingly.
It is important to emphasize that this decision is not based on issues of solvency or liquidity, but on the group’s intention to discontinue its operations in Liechtenstein and Switzerland. Banque Havilland (Liechtenstein) AG is financially stable and sound, and we assure you that the liquidation process will be conducted in an orderly manner and in close cooperation with the FMA and the FINMA, ensuring compliance with all legal requirements and protecting the interests of all stakeholders involved.
As we reflect on the past years, we are filled with immense pride and gratitude for the remarkable success our bank has achieved. This accomplishment would not have been possible without the unwavering support and collaboration of our loyal clients, valued partners, and dedicated staff.
We, the shareholder, the board of directors and the management, would like to thank our loyal clients and valued partners for the trust and confidence in us and our incredible staff for their hard work, dedication, and commitment, which have been the driving forces behind our achievements.
The following person have been mandated as liquidator for Banque Havilland (Liechtenstein) AG:
a. KPMG (Liechtenstein) AG (“KPMG”), Äulestrasse 2, 9490 Vaduz, Liechtenstein
(FL 0001.548.458-1), with sole power of representation;
b. Marc Arand, with joint power of representation (jointly with KPMG); and
c. Jean-François Willems, with joint power of representation (jointly with KPMG)
FAQ
Why is the bank being voluntarily liquidated?
The shareholder of Banque Havilland (Liechtenstein) AG, Banque Havilland S.A., in consultation with the Board of Directors of Banque Havilland (Liechtenstein) AG, decided on July 26, 2024, at an Extraordinary General Meeting to discontinue its business activities in Liechtenstein and Switzerland and thus to initiate voluntary liquidation proceedings for Banque Havilland (Liechtenstein) AG (including its branch in Zurich). At the same time, Banque Havilland (Liechtenstein) AG has relinquished its banking licenses in Liechtenstein and Switzerland. The Liechtenstein Financial Market Authority (FMA) and the Swiss Financial Market Authority (FINMA) have been informed accordingly of the liquidation and the surrender of the banking licenses.
This decision is not based on solvency or liquidity problems, but on the Group’s intention to discontinue its business activities in Liechtenstein and Switzerland. KPMG (Liechtenstein) AG as well as Marc Arand and Jean-François Willems will be appointed as liquidators for the liquidation of Banque Havilland (Liechtenstein) AG i.l..
What are the legal consequences of the voluntary liquidation of the bank?
Since the entry of the bank’s liquidation in the commercial register on August 9, 2024, the bank no longer pursues the purpose of providing banking services on a commercial basis and is therefore no longer subject to the special legal supervision of the Liechtenstein Financial Market Authority (FMA) in accordance with established practice.
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 accord-ance 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 the change in purpose to the liquidation purpose, those contracts that were originally concluded to pursue the purpose must be terminated upon liquidation.
What is the liquidation process like?
The liquidators first take stock of the company in order to then, taking into account the interests of the creditors, terminate the ongoing business, compile assets and settle liabilities or pay off company debts. If available, the liquidation surplus is distributed to the shareholder and, finally, the deletion of the bank from the commercial register is applied for.
We are currently in the phase of stocktaking, in which the possibility of transferring assets to another local bank is also being examined. Interested parties are welcome to contact the contact point below in this regard. The details of the asset transfer are currently being finalized.
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 liquidation likely to take?
The current liquidation scenario assumes an orderly liquidation by 2026. Due to the complexity of the process, the duration of the liquidation proceedings may deviate 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?
Due to the return of the banking license, customer relationships will be gradually wound down. It is important to know that no new business can be conducted during the voluntary liquidation. In addition, transactions related to the purpose of winding up or balancing the business relationship are permitted. 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 clients of Banque Havilland (Liechtenstein) AG i.l. have placed their trust in us. This also entails a great responsibility. Banque Havilland (Liechtenstein) AG i.l. is now living up to this responsibility by taking the necessary measures at an early stage. The shareholder of Banque Havilland (Liechtenstein) AG i.L. has deliberately taken the step of voluntary liquidation. The shareholder and the bank are committed to ensuring that the interests of clients and creditors are safeguarded and represented in the best possible way.
Am I still able to make payments or transfers with the bank?
Due to the voluntary liquidation of Banque Havilland (Liechtenstein) Ltd. i.L., the bank will no longer process any customer payments or transfers except for the final account closure transfer as from Monday 14 October 2024. We advise all customers to make necessary arrangements as the common payment service will be discontinued thereafter.
Who can I contact if my question has not been answered in this FAQ?
These FAQs will be updated as required.
Liquidators will be happy to answer any further inquiries by telephone: +423 239 33 33 or
ch-fmliq-bhli@kpmg.com.
The liquidators reserve the right to request appropriate proof (proof of ownership or power of representation) when clients or their representatives (e.g. consultants and lawyers) submit questions and not to answer any further questions if this is not provided.
About the liquidators
The liquidation is executed by KMPG (Liechtenstein) AG. In addition, Marc Arand and Jean-François Willems have also been appointed as co-liquidators. The Financial Market Authority will take the measures required to carry out the liquidation and wind-up ongoing business and issue the liquidators with the necessary instructions. It also supervises the liquidators and liquidation.
The liquidators may appoint external advisors if this is expedient for fulfilling the purpose and content of the liquidation.
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