The Liechtenstein Court has appointed law firm Batliner Wanger as liquidator for beleaguered insurer Gable Insurance.
The Financial Market Authority (FMA), Liechtenstein’s industry regulator, said the court has opened winding-up proceedings for Gable.
According to the FMA, the contract for the wind-up proceedings will expire four weeks after the opening of the dealings was revealed to the public.
The FMA added that questions relating to the legal position of policyholders and other parties must be directed to the liquidator’s email address.
Reeling from the impact of Solvency II, Gable implemented a restructuring plan earlier this year to meet regulatory requirements. The company stopped writing new business in July.
In October, Gable entered into administration, with PwC appointed by the FMA as the insurer’s special administrator.
PwC informed the Liechtenstein Court about Gable’s over-indebtedness on October 31. The administrator then arranged a meeting of the insurer’s shareholders on November 11.
During the meeting, parent company Gable Holdings refused to provide additional capital to cover the insurance firm’s over-indebtedness.
Related stories:
Wind-up order sought for Gable
FSCS vows to protect Gable customers in UK
