FWU Life Insurance Lux s.a

LIQUIDATION (extract)

By Court order of 31 January 2025, the Luxembourg district Court, 2^nd chamber, sitting in commercial matters, declared the company FWU Life Insurance Lux s.a., with registered office at L-5826 Hesperange, 33, rue de Gasperich, in liquidation.      

The same Court order appointed Mrs Anick Wolff as Supervisory Judge and Me Yann Baden as liquidator, and set the date of cessation of payments at 22 July 2024.

It renders applicable the articles 248 et seq. of the amended law of 7 December 2015 regarding the insurance sector, articles 1100-1, 1100-4, 1100-6, 1100-8 and 1100-13 of the amended law of 10 August 1915 regarding commercial companies, as well as articles 444, 445, 446, 447, 448, 449, 450, 451, 452, 453, 454, 462, 463, 464, 485, 487, 492, 528, 537, 538, 539, 540, 542, 543, 544, 547, 548, 549, 550, 551, 552, 561, 562, 567-1 of the Code of Commerce relating to the title “Bankruptcy”.

The interest rate on any debt not secured by a lien, pledge or mortgage is stopped.

Set-off is prohibited except in the following cases : existence of interconnected debts (créances connexes) or application of the provisions of the law of 5 August 2005 on financial guarantees.

Within six months of the Court order, the liquidator shall send to any creditor known or identifiable from the company’s books, a note as provided for in article 252 of the amended law of 7 December 2015, together with a pre-filled statement of claim.

Claims shall be filed with the liquidator in accordance with article 252 (4), (5) and (6) of the same law.

The deadline by which creditors must send their claims to the liquidator is set at 31 January 2028, failing which they will be barred from exercising their rights.

Claims will be verified by the liquidator.

The lists with the claims periodically declared admissible will be deposited at the office of the clerc of the Luxembourg district Court, 2^nd chamber, during the first ten days of January, April, July and October, where the declared creditors and those entered on the balance sheet may inspect them. During this period, the same persons may lodge objections to claims entered on the lists.

The objection is lodged by a declaration at the court’s clerc. The objection must be reiterated within three days by registered letter addressed to the liquidator, failing which the objection shall be declared inadmissible. It must contain, under penalty of inadmissibility, the exact qualities of the person lodging the objection, proof of his status as a declared creditor or a creditor entered on the balance sheet, the grounds of objection and supporting documentation.

The admissibility and merits of the objection are summarily checked by the liquidator.

After the expiry of a ten-day period for lodging an objection, the claims declared admissible and not objected to are definitively admitted through minutes signed by the liquidator and the Supervisory Judge.

The liquidator shall duly inform creditors whose claims have been rejected or are the subject of an objection, of the rejection of their claim or of the existence of an objection, by registered letter to the address indicated in the statement of claim or to their last known address.

If these creditors fail to proceed by way of a writ of summons (assignation) within a period of 40 (forty) days from the date of posting of this registered letter, the statement of claim in question shall be deemed to have been definitively rejected.

Objections (oppositon) against Court orders ruling on disputes and counterclaims are inadmissible.

The liquidator will apply to the Court by filing a request for authorisation to distribute dividends. The Court order setting the closing date for the accounts will be published in extracts.

The announced dividend needs to be paid within four months of the closing date for the accounts.

Interest shall not be paid to creditors whose claims have not been definitively admitted and who have received payment of one or more dividends after other creditors, provided that and only to the extent that this time difference is due to the normal course of the liquidation operations.

In addition, interest is not payable to creditors whose claims have been definitively admitted but whose payments are made with a certain time delay between the date of the Court order authorising the payment of interim dividends and the actual payment, whether this delay is due to creditors who have not provided the liquidator with the information necessary for the actual payment, to a legal obstacle or to a difficulty identifying creditors.

During the liquidation proceedings, any dividends not distributed must be retained by the liquidator and earn interest for the benefit of the creditors.