Suspension of payments: Obsieger Capital Management S.A. – Appointment of an administrator
Press release 17/23
This press release follows Press release 17/22 of the CSSF dated 21 June 2017.
Following the withdrawal of the authorisation of Obsieger Capital Management S.A. by the Minister of Finance on 15 June 2017, a request for the suspension of payments of Obsieger Capital Management 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 20 June 2017.
In accordance with Article 122 of the Law of 18 December 2015 on the failure of credit institutions and certain investment firms, the Luxembourg Tribunal d’arrondissement de et à Luxembourg (Luxembourg District Court) dealing with commercial matters, decided, at its public hearing of 27 June 2017, to allow Obsieger Capital Management S.A. to qualify under the suspension of payments procedure.
By the same judgment, the Commission de Surveillance du Secteur Financier was appointed as administrator to control the management of the assets of Obsieger Capital Management S.A.
This reorganisation regime implies the suspension of all payments by this company and the prohibition, on pain of nullification, of all acts other than precautionary and protective measures, unless authorised by the administrator.