Dear Customers,

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)
EdB (Einlagensicherungsfonds)

 

IN THE FEDERAL COURT OF AUSTRALIA                            VID 157 OF 2021

FORM 20 – Notice of filing of application for recognition of foreign proceeding

TO all the creditors of Greensill Bank AG

TAKE NOTICE that:

  1. An application under the Cross‑Border Insolvency Act 2008 (Cth) for recognition of a foreign proceeding in relation to Greensill Bank AG was commenced by the plaintiff, Michael Frege in his capacity as foreign representative of Greensill Bank AG, on 29 March 2021 and will be heard by Justice Anastassiou at the Federal Court of Australia (Level 7, Owen Dixon Law Courts, 305 William Street, Melbourne, Australia, 3000) on Thursday, 6 May 2021 at 15am (AEST). Copies of documents filed may be obtained from the plaintiff’s address for service.
  2. The plaintiff’s address for service is c/- MinterEllison, Level 20, Collins Arch, 447 Collins Street, Melbourne, Australia, 3000 (attn:  Brendon Watkins (brendon.watkins@minterellison.com) and Elizabeth Yick (elizabeth.yick@minterellison.com).
  3. Any person intending to appear at the hearing must file a notice of appearance, in accordance with the prescribed form, together with any affidavit on which the person intends to rely, and serve a copy of the notice and any affidavit on the plaintiff at the plaintiff’s address for service at least 3 days before the date fixed for the hearing.
  4. If you are a foreign creditor you must file in the registry of the Court at the address mentioned in paragraph 1 an affidavit setting out the details of any claim, secured or unsecured, that you may have against the company above at least 3 days before the date fixed for the hearing.

FORM 21 – Notice of making of order under the Cross-Border Insolvency Act 2008 (Cth)

TO all the creditors of Greensill Bank AG

TAKE NOTICE that:

  1. On 31 March 2021, the Federal Court of Australia in Proceeding No. VID157 of 2021, commenced by the plaintiff, Michael Frege in his capacity as foreign representative of Greensill Bank AG (Proceeding), made the following orders under the Cross‑Border Insolvency Act 2008 (Act) in relation to Greensill Bank AG:
    1. Pursuant to Art 19(1)(a) of the Model Law, until the determination of the application for relief under Art 17 of the Model Law, or further order of the Court:
      1. any and all execution against the defendant’s assets be stayed;
      2. no person within the jurisdiction of the Court other than the relevant defendant may transfer, encumber or otherwise dispose of, or take possession of or otherwise recover, any assets of the defendant; and
      3. no proceeding against the defendant, or in relation to any of its property, may be begun or proceeded with; and
      4. no enforcement process in relation to the property of the defendant can be begun or proceeded with.
    1. An order that the requirements of rr 15A.3(4), 15A.4(2), 15A.6(1) and 15A.7(1)(b)-(d) of the Federal Court (Corporations) Rules 2000 (Cth) be dispensed with and in lieu thereof the plaintiff, within 10 business days of the making of these Orders:
      1. must cause to be published a notice substantially in the form of Forms 20 and 21 in the Australian and Australian Financial Review newspapers;
      2. publish notice substantially in the form of Forms 20 and 21 on the defendant’s website; and
      3. give notice of making of these Orders substantially in the form of Forms 20 and 21 by email to each person whom:
        1. to the knowledge of the defendant is a creditor of the defendant or claims to be a creditor of the defendant; and
        2. either:
          1. is domiciled in Australia; or
          2. has a claim to be a creditor arising from dealing with the defendant in Australia.
    2. Any person affected by these Orders has liberty to apply on three days’ notice.
    3. The originating process be set down for hearing on a date to be fixed by the Court.
    4. Further hearing of the plaintiff’s application for the orders sought in paragraph 2 of his interlocutory process dated 29 March 2021 is adjourned to 9 April 2021 at 2.15pm.
    5. Costs in the cause.
  1. On 6 April 2021, the Federal Court of Australia made the following orders under the Act in relation to Greensill Bank AG:
    The further hearing of the plaintiff’s application for the orders sought in paragraph 2 of his interlocutory process dated 29 March 2021, adjourned to 9 April 2021 at 2.15pm pursuant to order 5 made on 31 March 2021, be vacated.
  1. The plaintiff’s address for service is c/- MinterEllison, Level 20, Collins Arch, 447 Collins Street, Melbourne, Australia, 3000 (attn:  Brendon Watkins (brendon.watkins@minterellison.com) and Elizabeth Yick (elizabeth.yick@minterellison.com).
  2. 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.
  3. 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.