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E-Banking

March 6, 2024


OCCURRENCE OF A PAYOUT AND COMPENSATION EVENT

Due to the bankruptcy of Sora Bank AG i.K, a payout and compensation event has
occurred on 5 March 2024 in accordance with Article 7(1)(c) and Article 36(1)(c)
of the Deposit Guarantee and Investor Compensation Act (EAG).
Sora Bank AG i.K. is a participant of the statutory protection scheme of the
Deposit Guarantee and Investor Compensation Foundation PCC (EAS). Once a payout
and compensation event has occurred, EAS will verify the eligibility of clients
and their repayment and compensation claims and satisfy them up to the maximum
coverage amount, provided the legal requirements are met.
Please refer to the Website of EAS for further information here.

Additional information can be found here:
EAS – General Questions & Answers (FAQ)
FMA – Press release on the payout event

March 4, 2024


OPENING OF BANKRUPTCY PROCEEDINGS AGAINST SORA BANK AG IN LIQUIDATION

By resolution of the Extraordinary General Meeting on March 7, 2023, the
shareholders decided to dissolve Sora Bank AG, return the banking license and
enter into voluntary liquidation.
In order to protect clients and the Liechtenstein financial centre, the majority
shareholder undertook to cover any financial shortfall arising from the
voluntary liquidation by means of a letter of comfort and the delivery of
collateral as part of the liquidation opening balance sheet prepared below.
The voluntary liquidation has so far been carried out by the appointed
liquidators under the supervision of the Liechtenstein Financial Market
Authority FMA and with careful consideration of the fulfillment of liabilities
and the rapid liquidation of Sora Bank AG in liquidation.
The financial contributions requested by the liquidators from the majority
shareholder under the letter of comfort were not made within the set deadline.
This means that the further progress and completion of the voluntary liquidation
is not sufficiently guaranteed.
In the absence of alternative scenarios, the liquidators have concluded that the
prognosis for the continuation of the voluntary liquidation is unfavorable and
that a bankruptcy petition must therefore be filed.
The application to open bankruptcy proceedings was granted by the competent
Princely Court of Liechtenstein after hearing the Liechtenstein Financial Market
Authority on March 1, 2024.
With the opening of bankruptcy proceedings, Deloitte (Liechtenstein) AG was
appointed as bank liquidator in accordance with Art. 55 of the Banking Act. It
will take over all tasks from the previous liquidators.
If you have any questions regarding further proceedings, please contact the
appointed bank liquidator Deloitte (Liechtenstein) AG, info@sorabank.com, tel.:
+423 239 62 11.

November 21, 2023


IMPORTANT NOTICE: DISCONTINUATION OF E-BANKING SERVICES

The liquidators of Sora Bank AG i.L. Triesen (Liechtenstein) («Sora Bank») wish
to inform all clients about important developments in the ongoing liquidation
process, specifically regarding the electronic banking (e-banking) services.

Due to the ongoing liquidation and wind-down process of the bank, it has become
necessary to discontinue the e-banking services, effective from 28 November
2023. The decision to discontinue these services was made with the best
interests of our clients in mind, aiming to maintain efficient and secure
services during this challenging period.

In light of this change, Sora Bank has established an alternative method for
submitting banking orders. Clients are advised to send their payment orders and
other banking instructions via email to
ch-fmliq-sora@kpmg.com. It is important to include the following information in
the email subject line for efficient processing:

Subject: E-Banking Order – [client number]

Adhering to this subject line format will facilitate the prompt processing of
requests and the accurate identification and verification of transactions.

Sora Bank is grateful for the trust placed in its services and is dedicated to
ensuring a smooth liquidation process for all clients.

The bank’s team remains available for any questions or assistance needed during
this transition.

 

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 mid 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

LOCATION

Landstrasse 11
Postfach 1528
9495 Triesen
Liechtenstein

CONTACT

T+423 239 62 11
info@sorabank.com



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SORA BANK AG I.L.

Landstrasse 11
Postfach 1528
9495 Triesen
Liechtenstein

 

LINKS

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Privacy Policy
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