A financial products advisor with debt due to damages claims by investors went bankrupt. The Supreme Court for Civil Matters ruled in a recent decision regarding the handling of the claims: The remaining value of the purchased financial product shall be deducted from the amount of the damages claimed; at the same time the purchased financial product shall be retransferred to the financial products advisor. Regarding the calculation: The remaining value of the financial product shall be estimated as of the time of the opening of the bankruptcy proceedings. This type of handling claims is new to Austrian insolvency law. (1 Ob 208/17w)
Admission of “in rem” restitutions for financial products
