Suspension of payments: H CTG S.A. – Appointment of an administrator
Press release 13/13
In accordance with Article 60-2 of the law of 5 April 1993 on the financial sector, the Luxembourg district court (Tribunal d’arrondissement), sitting in commercial matters, has ordered the suspension of payments of the Luxembourg investment firm H CTG S.A.. The application for suspension of payments was lodged by the institution itself, pursuant to the above-mentioned article.
H CTG S.A. is an investment firm within the meaning of Article 1 of the law of 5 April 1993 on the financial sector and carries out activities as investment advisor, broker in financial instruments, commission agent and private portfolio manager pursuant to Articles 24, 24-1, 24-2 and 24-3 of this law.
The same judgement appointed Me Tom Loesch, attorney-at-law (avocat à la Cour), as administrator in order to control the management of the assets of H CTG S.A..
This stabilisation regime implies a suspension of all payments by this company and the prohibition, with the consequence of nullification, of all acts other than precautionary and protective measures, unless authorised by the above administrator.