After the Federal Financial Supervisory Authority (BaFin) filed an application for the opening of insolvency proceedings over the assets of Greensill Bank AG on 15 March 2021, the insolvency proceedings over its assets were opened by order of the Bremen District Court on 16 March 2021 and an insolvency administrator was appointed.
As the institution was no longer in a position to repay all of its customers’ deposits, BaFin established the compensation case for Greensill Bank AG on 16 March 2021.
The deposits of Greensill Bank AG’s customers are protected under the Deposit Protection Act. The bank is a member of the Entschädigungseinrichtung deutscher Banken GmbH (EdB). With the determination of the compensation case by the BaFin, the prerequisite is given that the compensation scheme examines the claims of the depositors and satisfies them up to an amount of 100,000 euros – in special exceptional cases up to an amount of 500,000 euros. The EdB will shortly contact the creditors of Greensill Bank AG on its own initiative.
Furthermore, Greensill Bank AG is a member of the Deposit Protection Fund of the Association of German Banks (Bundesverband deutscher Banken e.V.). In accordance with its statutes, this Deposit Protection Fund takes over the part of the deposits that exceeds the legal limit – up to the respective protection limit.
The depositors are informed directly by the compensation institutions.
More information you can find under:
BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht)
BdB (Bundesverband deutscher Banken)
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
GREENSILL BANK AG,
Debtor in a Foreign Proceeding.
Case No. 21-10757 (MEW)
Recognition Request Pending
NOTICE OF FILING AND HEARING ON VERIFIED PETITION FOR RECOGNITION OF FOREIGN PROCEEDING AND MOTION FOR ORDER GRANTING RELATED RELIEF
PLEASE TAKE NOTICE that on April 20, 2021, Dr. Michael C. Frege in his capacity as the court-appointed Insolvency Administrator and putative foreign representative (in such capacity, the “Petitioner”) of the above-captioned debtor (“Greensill Bank” or the “Debtor”) for the purposes of the German proceeding (defined herein) and this chapter 15 case, filed the Verified Petition for Recognition of Foreign Proceeding Under Chapter 15 and Motion for Order Granting Related Relief (together, the “Verified Petition”) with the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”).
PLEASE TAKE FURTHER NOTICE that the Verified Petition seeks, among other things, the entry of an order (i) recognizing Greensill Bank’s insolvency proceeding pursuant to
the German Insolvency Act, pending before the Bremen Local Court (Amtsgericht Bremen) (the “German Court”), Case No. 508 IN 6/21 (the “German Proceeding”) as a foreign main proceeding, (ii) recognizing the Petitioner as the foreign representative of Greensill Bank and (iii) granting related relief under chapter 15 of title 11 of the United States Code (the “Bankruptcy Code”).
PLEASE TAKE FURTHER NOTICE that the Bankruptcy Court has scheduled a hearing to consider the relief requested in the Verified Petition at 2:00 p.m. (prevailing Eastern Time) on May 17, 2021 (the “Recognition Hearing”) before the United States Bankruptcy Court for the Southern District of New York, 1 Bowling Green, New York, New York 10004. The Recognition Hearing shall take place by telephone conference on the Court Solutions platform pursuant to General Order M-543. Instructions for the Court Solutions platform are included in General Order M-543.
PLEASE TAKE FURTHER NOTICE that, at the Recognition Hearing, the Court may order the scheduling of a case management conference to consider the efficient administration of the case.
PLEASE TAKE FURTHER NOTICE that copies of the Verified Petition and all accompanying documentation are available to parties in interest through the Bankruptcy Court’s
Electronic Case Filing System, which can be accessed from the Bankruptcy Court’s website at http://www.nysb.uscourts/gov (a PACER login and password are required to retrieve a document) or upon written request to the Petitioner’s counsel (including by e-mail) addressed to:
Kobre & Kim LLP
800 Third Avenue
New York, New York 10022
Tel: (212) 488-1200
Attn: D. Farrington Yates (Farrington.Yates@kobrekim.com)
Victor S. Leung (Victor.Leung@kobrekim.com)
PLEASE TAKE FURTHER NOTICE that any party in interest wishing to submit a response or objection to the Verified Petition, or the relief requested therein, must do so in accordance with the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, and the Local Bankruptcy Rules for the Southern District of New York, setting forth in writing the basis thereof. Any such response or objection must be filed with the Bankruptcy Court no later than 4:00 p.m. (prevailing Eastern time) on May 10, 2021 (the “Objection Deadline”). Additionally, any response or objection must be served on the Petitioner at Kobre & Kim LLP (Attn: D. Farrington Yates, Victor S. Leung), 800 Third Avenue, New York, New York 10022 so as to be received by the Objection Deadline.
PLEASE TAKE FURTHER NOTICE that all parties in interest opposing the Verified
Petition, or the relief requested therein must appear at the Recognition Hearing at the time and place set forth above.
PLEASE TAKE FURTHER NOTICE that if no response or objection is timely filed and served, the Court may grant relief requested in the Verified Petition without further notice.
PLEASE TAKE FURTHER NOTICE that the Recognition Hearing may be adjourned from time to time without further notice other than an announcement in open court, or a notice of adjournment filed with the Bankruptcy Court, of the adjourned date or dates at the Recognition Hearing or any other further adjourned hearing.
Dated: April 21, 2021
New York, New York
KOBRE & KIM LLP
/s/ D. Farrington Yates
Victor S. Leung
800 Third Avenue
New York, New York 10022
Tel: (212) 488-1200
Counsel for the Petitioner
Form 21 Notice of making of order under the Cross‑Border Insolvency Act 2008
IN THE FEDERAL COURT OF AUSTRALIA No. VID157/2021
GREENSILL BANK AG of Martinistrasse 48, 28195, Bremen, Germany
TO all the creditors of Greensill Bank AG
TAKE NOTICE that:
- On 6 May 2021, the Federal Court of Australia made the following orders under the Act in relation to Greensill Bank AG:
- Pursuant to Art 17(1) of the Model Law, the Insolvenzverfahren commenced on 16 March 2021 (the Proceeding) is recognised as a foreign proceeding within the meaning of Art 2(a) of the Model Law.
- Pursuant to Art 17(2) of the Model Law, the Proceeding is recognised as a foreign main proceeding within the meaning of Art 2(b) of the Model Law.
- The plaintiff is recognised as foreign representative of the Proceeding within Art 2(d) of the Model Law.
- For the purposes of Art 20(2) of the Model Law, and s 16 of the Cross-Border Insolvency Act 2008 (Cth), the scope, and the modification or termination, of the stay and suspension referred to in Art 20(1) of the Model Law be the same as would apply if the stay or suspension arose under Part 5.4B of Chapter 5 of the Corporations Act 2001 (Cth) (Corporations Act), and as if Part 5.4B of the Corporations Act applied to the defendant.
- Pursuant to Art 21 of the Model Law:
- the administration, realisation and distribution of all the defendant’s assets located in Australia is entrusted to the plaintiff; and
- the plaintiff may examine witnesses, take evidence or require the delivery of information concerning the defendant’s affairs, rights, obligations or liabilities as if he were a liquidator appointed to the defendant under Part 5.4B of the Corporations Act.
- The requirements of r 15A.7 of the Federal Court (Corporations) Rules 2000 (Cth) (Rules) be dispensed with and in lieu thereof the plaintiff, within 10 business days of the making of these Orders:
- publish notice in the form of Form 21 in The Australian and Australian Financial Review newspapers;
- publish notice in the form of Form 21 on the defendant’s website;
- give notice of the making of these Orders in the form of Form 21 by email to each person for whom the defendant has a valid email address who is:
- to the knowledge of the defendant a creditor of the defendant or claims to be a creditor of the defendant; and
(A) is domiciled in Australia; or
(B) has a claim to be a creditor arising from dealing with the defendant in Australia.
- The plaintiff’s address for service is c/- MinterEllison, Level 20, Collins Arch, 447 Collins Street, Melbourne, Australia, 3000 (attn: Brendon Watkins (firstname.lastname@example.org) and Elizabeth Yick (email@example.com).
- The name and address of the foreign representative is Dr Michael Frege, CMS Hasche Sigle Insolvenzberatung und -verwaltung Partnerschaft von Rechtsanwälten und Steuerberatern mbB, Breitenweg 3a, 28195 Bremen, Central Office: Stadthausbrücke 1-3, 20355 Hamburg.
- The name and address of the person entrusted with distribution of the company’s assets is Dr Charlotte Schildt, CMS Hasche Sigle Insolvenzberatung und -verwaltung Partnerschaft von Rechtsanwälten und Steuerberatern mbB, Neue Mainzer Strasse 2-4 in 60311 Frankfurt/Main, Germany.
Date: 10 May 2021
Name of plaintiff’s legal practitioner: MinterEllison