Circular to Creditors n°2 on 06 December, 2024
Please see the attached document providing an update on the status of FlowBank in liquidation: Circular to Creditors n°2
Information for clients regarding the restructuring of sub-accounts
As part of the liquidation of FlowBank Ltd. in liquidation (the Bank), the liquidators are pleased to inform you that your sub-accounts have been restructured as follows in order to enable you to delimit the assets which (i) constitute secured deposits within the meaning of art. 37a of the Swiss Federal Act on Banks and Saving Banks and are reimbursed to you immediately (the Secured Deposits) and (ii) do not constitute Secured Deposits and thus represent an ordinary debt of the bankrupt estate:
1. Cash account – Secured Deposits (AAAXXXX.001) :
This account now contains only the amount constituting the Secured Deposits (i.e. deposits within the meaning of art. 37a of the Swiss Federal Act on Banks and Saving Banks in the name of the depositor up to a maximum amount of CHF 100’000 per creditor).
If you have already received the amount of your Secured Deposits, the balance of this account is now CHF 0.
If you have not yet requested repayment of your Secured Deposits, you can do so via the FlowBank client area.
2. Cash account – Ordinary debt of the bankrupt estate (AAAXXXX.098) : This account now contains the sum of :
This positive balance represents an ordinary debt of the bankrupt estate, which is automatically collocated, subject to a decision to the contrary by the liquidators, in third class within the meaning of art. 219 para. 4 of the Swiss Federal Act on Debt Collection and Bankruptcy Proceedings. This claim will be reimbursed for each client to the extent of the liquidation dividend in the event of admission to the schedule of claims.
3. Securities and corporate actions account (AAAXXXX.099) :
This account contains all client securities and cash resulting from corporate actions or sales of securities. This account is segregated from the bankruptcy estate. You can request reimbursement of this balance via the FlowBank client area.
Best regards,
For Flowbank Ltd. in Liquidation,
Walder Wyss Ltd.
Exceptional extension of the option to sell your securities until November 22, 2024
In view of the success achieved and in order to accelerate the liquidation process, the liquidators inform the customers of FlowBank SA in liquidation that the possibility to sell their securities via the customer area is exceptionally extended until November 22, 2024. After this date, the sale of securities will no longer be possible.
The liquidators encourage all FlowBank customers to take advantage of this efficient solution, as they can receive their money in matter of days, whereas the transfer of securities is expected to continue for several months. Furthermore, no custodian fees for the fourth quarter of 2024 will be charged to customers who choose to sell their securities before or on November 22, 2024.
The sale of your securities can be processed directly via the platform, accessible from your online customer area. You can sign in using the usual login details. An explanatory file can be found here, which will guide you through the necessary steps if required.
Once you have sold all your positions, you can request the cash to be sent to your destination bank account via the platform. Please ensure the following:
--> the beneficiary bank account must be opened in your name;
--> you must indicate the currency into which you wish to receive your funds (CHF or EUR),
Please note that the cash transfer is in principle completed within a few days.
The customer service of FlowBank Ltd. in liquidation is available from 09.00 to 17.00 CET on +41 22 888 66 00 to assist you with your concerns and answer your questions.
We thank you for your patience and trust.
On behalf of FlowBank Ltd. in liquidation,
Walder Wyss Ltd.
Announcement to the clients of FlowBank Ltd. in liquidation dated 18 October 2024
In the context of the liquidation of FlowBank Ltd. in liquidation, the liquidators would like to inform you that you are eligible for a new option concerning the securities held in your portfolio.
Sale of your securities:
You now have the opportunity to sell your securities directly via the online platform, which you can access via your customer area. As the transfer of securities proves to be a time-consuming and high-cost process, the sale and transfer of cash is simpler and faster to accomplish.
The liquidators encourage you to take advantage of this efficient solution to get back your assets faster.
Please ensure to visit the client area to either request the sale of your securities or to confirm your request for transfer. Not taking action may result in additional delays.
How can you proceed?
The sale of your securities can be processed directly via your online customer area. You can sign in using the usual login details. An explanatory file can be found here, which will guide you through the necessary steps if required.
You can complete the sale of your securities via the platform until 15th November 2024. At the end of this period, you will no longer be able to sell your securities via the platform.
Important information:
Please note that as the sale of the securities happen at market value, clients are able to sell whenever they wish until 15th November, 2024to get the best value possible on their securities. We encourage you to only place your orders during active market hours of your position to avoid the order being rejected.
Disbursement of the cash:
Once your positions have been sold in full, the cash will be credited to a separate account and transferred to your account at another bank that you have designated within a few days, in EUR or CHF depending on your choice.
The customer service of FlowBank Ltd. in liquidation is available from 09.00 to 17.00 CET on +41 22 888 66 00 to assist you with your concerns and answer your questions.
Please note that the transfer of securities, whether manual or through the platform, will not be possible for a period of two weeks starting from the opening of the online platform for the sale of your securities
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For FlowBank Ltd. in liquidation,
Walder Wyss Ltd.
Announcement to the clients and creditors of FlowBank in liquidation dated 30 September 2024
Please note that an official website for FlowBank in liquidation has been created to provide information regarding the progress and developments of the liquidation process. You can access the new website via the link below:
Announcement to the creditors of FlowBank Ltd, in liquidation dated 28 August, 2024
To all FlowBank in liquidation creditors, please find here a downloadable PDF that summarises the current situation. View Document
In case of questions, please contact Customer Support by phone at +41 22 888 66 00 from 9:00am to 5:00pm CET.
Announcement to the clients of FlowBank Ltd, in liquidation dated 26 August, 2024
Following several requests and queries from clients of FlowBank Ltd. in liquidation (FlowBank), the liquidators wish to provide the following clarifications regarding the CFD account (AAAXXX.098) (the CFD Account):
The CFD Account is a separate account containing any gains or losses resulting from the closure of clients' CFD positions following the opening of the bankruptcy, i.e. on 13 June 2024 at 8:00 am.
Any positive balance credited to the CFD Account does not constitute a secured deposit within the meaning of art. 37a of Swiss Federal Act on Banks and Savings Banks (LB). This positive balance represents an ordinary debt of the bankrupt estate, which is automatically collocated in third class within the meaning of art. 219 para. 4 of the Swiss Federal Act on Debt Collection and Bankruptcy Proceedings (LP). This claim will be reimbursed for each client to the extent of the liquidation dividend.
In the event that the CFD Account shows a negative balance, this balance will be offset to the extent of the overdraft by means of the cash available on the cash account (AAAXXXX.001), in accordance with FlowBank's general right of offset.
In the event that a FlowBank client has (i) a securities and corporate actions account (AAAXXXX.099) with a negative balance and (ii) a CFD Account with a positive balance, the negative balance on the AAAXXXX.099 account is offset against the cash available on the CFD Account, in accordance with FlowBank's general right of set-off.
Regards,
For Flowbank Ltd. in liquidation,
Walder Wyss Ltd.
Announcement to the clients of FlowBank Ltd, in liquidation dated 24 July, 2024
The liquidators of FlowBank Ltd. in liquidation would like to inform you that the processing of client securities transfers may take several weeks due to the sheer quantity of requests received, combined with the complexity of executing these manual transfers. We would like you to note that whether you have submitted your request in the FlowBank Client Area or by email, your request has been well noted and we will process your transfer with the shortest delay possible.
In addition, we draw your attention to the fact that you must have a deposit account opened with a new banking institution in order to have your securities transfered.
We thank you for your patience during this time.
For Flowbank Ltd. in liquidation,
Walder Wyss Ltd.
Announcement to the clients of FlowBank Ltd. in liquidation dated 12 July 2024
The liquidators would like to inform you that as of Friday, July 12th, you can request the transfer out of your securities in the FlowBank e-banking platform. Please note that the team will proceed with these transfer requests starting Monday, July 15th. Should you have any question regarding this process, please don’t hesitate to contact Customer Support by phone at +41 22 888 66 00.
Announcement to the clients of FlowBank Ltd. in liquidation dated 2 & 3 July 2024
The liquidators would like to inform you that requests for reimbursement of secured deposits can be made via the e-banking platform of FlowBank Ltd. in liquidation. The authentication system has been updated and now works as described in the link below:
Only clients who meet the following conditions can apply via the e-banking platform:
On the e-banking platform, clients are invited to mention a bank account they hold with another bank in order to receive their refund. A step-by-step guide to submitting a request through the e-banking platform can be found at the following link:
Other clients (joint accounts, corporation, domiciliary companies) are invited to request a reimbursement by sending an e-mail to project-liquidateurfb@walderwyss.com, providing full details of an account at another bank to which the refund is to be made. These requests have to be processed manually, and therefore require more time than an e-banking request.
Only the portion of each client’s total cash assets equal to or less than CHF 100,000 constitutes a secured deposit and will be reimbursed at this stage.
The liquidators wish to inform you that the structure of customer accounts at FlowBank Ltd in liquidation has been modified as part of the liquidation process. Each account now has several sub-accounts, as follows:
The former accounts held by certain client (.002, .003) remain visible, but their assets have been transferred to the above accounts.
To access these various sub-accounts, please click on the menu at the top of the screen on the e-banking platform and choose the sub-account of your choice, as described in the link below:
>> How to access your accounts
The liquidators would also like to inform you of the following points regarding attempted fraud committed in connection with the liquidation of Flowbank Ltd. in liquidation:
For FlowBank Ltd. in liquidation,
Walder Wyss Ltd.
Announcement to the clients of FlowBank Ltd. in liquidation dated 26 June 2024
The liquidators would like to inform you of the following points concerning the procedure for the reimbursement of the secured deposits:
From late afternoon on Thursday 27 June 2024, the e-banking platform of FlowBank Ltd. in liquidation will be reactivated in order to automate the procedure for the reimbursement of the secured deposits. You will be informed individually by email when the process is opened. The authentication system has been updated and will follow the new procedures explained in the following link.
Clients holding cash assets on an account with FlowBank Ltd. in liquidation will be asked to indicate their transfer instructions (in particular the bank details of the account to which the payment is to be made). Please note that only the total amount of each client's cash assets equal to or less than CHF 100,000 constitutes a secured deposit and will be reimbursed at this stage. Payment will therefore be made within a few days.
For FlowBank Ltd. in liquidation,
Walder Wyss Ltd.
Announcement to the clients of FlowBank Ltd. in liquidation dated 25 June 2024
The liquidators would like to inform you that you now have a “read-only” access to the e-banking platform of FlowBank Ltd. in liquidation (https://my.flowbank.com/). As a result, you are now able to view your account balance. In this context, we remind you that the following actions have been taken with effect as of the opening of bankruptcy of FlowBank Ltd. in liquidation, i.e. on 13 June 2024 at 8.00 a.m. (the Opening of the Bankruptcy):
Please note that subsequent changes may be necessary and that this will have an impact on the amounts displayed on the e-banking platform.
Further information will follow on Wednesday 26 June 2024 regarding the access to the platform for the payment of the secured deposits.
For FlowBank Ltd. in liquidation,
Walder Wyss Ltd.
Additional information for clients of Flowbank SA in liquidation as of June 21, 2024
The liquidators would like to inform clients of the following:
Additional information to clients of FlowBank Ltd. in liquidation as of 17 June 2024:
The liquidators inform you that the following actions have been taken with effect as of the opening of bankruptcy of FlowBank Ltd. in liquidation, i.e. on 13 June 2024 at 8.00 a.m. (the Opening of the Bankruptcy):
- closure of CFD positions on the Opening of the Bankruptcy;
- conversion of deposits in foreign currencies into Swiss francs (CHF) at the rates applicable at the Opening of the Bankruptcy.
The liquidators are currently working on the payment of secured deposits as soon as possible.
In the meantime, the liquidators draw your attention to the fact that no payment or transfers, including standing orders, can be made from your account FlowBank Ltd. in liquidation.
You are therefore invited to provide all your potential counterparties with the bank details of an account that you hold with another bank in order to receive your future payments.
For FlowBank Ltd. in liquidation,
Walder Wyss Ltd.
By decision of 12 June 2024, the Swiss Financial Market Supervisory Authority (FINMA) opened bankruptcy proceedings against FlowBank SA (the Bank) with effect from 13 June 2024 at 8:00 a.m. As a consequence, the FINMA withdrew the license of the Bank as bank and securities dealer.
The FINMA appointed Walder Wyss SA, succursale de Genève, 14 rue du Rhône, P.O Box, 1211 Geneva 3 as bankruptcy liquidators (the Liquidators). The place of jurisdiction for the bankruptcy is the Bank’s head office in Geneva.
The commercial activities of the Bank stopped at the opening of the bankruptcy. The Bank is no longer authorised to carry out banking transactions or to act as securities dealer. In this regard, all payments, purchases and sales of securities can not longer be made. The Bank and its governing bodies are strictly prohibited from carrying out any legal act without the approval of the Liquidators.
Client’s cash deposited with the Bank in Switzerland in an account opened in their name will be reimbursed in the short term up to a maximum amount of CHF 100,000 (one hundred thousand Swiss francs).
The Liquidators are currently preparing the repayment terms and conditions, which will be communicated to the clients as soon as possible.
Custody assets according to Article 16 of the Banking Act (such as shares, bonds, funds, certificates etc.) remain the property of the clients, do not form part of the bankrupt estate and will be transferred to them subject to any compensation or restrictions.
The Liquidators are currently preparing the modalities of transfer, which will be communicated to the clients as soon as possible.
All agreements between the Bank and its clients, such as contracts for differences, contracts linked to financial instruments and derivative contracts, are terminated with immediate effect.
Unless the Liquidators declare otherwise, contracts of duration (such as lease or leasing contracts) will not be taken over by the bankrupt estate.
The Liquidators will shortly be sending the Bank’s clients a circular describing the procedure for repayment of the secured deposits and the transfer of the custody assets.
For any additional information, the Liquidators invite the clients to refer to the website of the FINMA or to contact them by e-mail at the following address : project-liquidateurfb@walderwyss.com. A dedicated website and hotline will be available as soon as possible.
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For FlowBank SA in liquidation, Walder Wyss SA
