Application for suspension of payments: Valor Capital S.A.
Press release 16/36
In accordance with Article 122 of the law of 18 December 2015 on the failure of credit institutions and certain investment firms and following the withdrawal of the authorisation of VALOR CAPITAL S.A. by the Minister of Finance on 30 September 2016, a request for the suspension of payments of VALOR CAPITAL S.A. has been filed by the CSSF with the Tribunal d’Arrondissement de et à Luxembourg (Luxembourg District Court) dealing with commercial matters, on 3 October 2016.
The decision of the Minister of Finance to withdraw the authorisation of VALOR CAPITAL S.A. may be referred to the Tribunal Administratif (Administrative Tribunal) by an attorney-at-law (avocat à la Cour) registered either with the Bar of Luxembourg or with the Bar of Diekirch. The case must be filed within one month from the date of notification of the decision to withdraw the authorisation, or else shall be time-barred.
VALOR CAPITAL 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 adviser, broker in financial instruments, commission agent, private portfolio manager, corporate domiciliation agent and professional providing company incorporation and management services pursuant to Articles 24, 24-1, 24-2, 24-3, 28-9 and 28-10 of this law.
The notification of the CSSF’s application to VALOR CAPITAL S.A. by way of a bailiff’s writ dated 3 October 2016 will automatically operate to bring about, in favour of VALOR CAPITAL S.A. and pending a final decision on the request, a suspension of all payments by VALOR CAPITAL S.A. and the prohibition, on pain of nullification, of all acts other than precautionary and protective measures unless authorised by the CSSF or by any contrary legal provision.