Bankruptcy proceedings against FlowBank

[zonqor]

I received dividends while the bank was bankrupt

Doubt you`ll see that money.
Big figure ? Is it worth pursuing ?

 

[uranium]

I received dividends while the bank was bankrupt

Doubt you`ll see that money.
Big figure ? Is it worth pursuing ?

No way!
He will receive his dividends later on

 

[nobel]

I received dividends while the bank was bankrupt

Doubt you`ll see that money.
Big figure ? Is it worth pursuing ?

1K, Why not? Anything else would be theft.

 

[zonqor]

No way!
He will receive his dividends later on

Maybe, I could not find any info on that.
Of course that was an assumption on my part.

 

[Elve]

I received dividends yesterday and they were credited in USD to the account created by the liquidator for the securities.

But, I don't know how this money will be recovered knowing that I have already requested reimbursement of the cash.

 

[JackAlabama]

No update yet regarding securities.
It`s much easier to send money, just an IBAN and the name, like in Nobel`s case.
It`s been a while , 12/13 years since i moved securities from one jurisdiction to another ( that`s what I`m gonna do here), didn`t take long if I recall, 4/5 days.
But this time is different and depends on the volume , so assume it may take awhile.
Maybe a small fee to my receiving broker may speed up things but I doubt it, all depends on liquidator or whoever will handle the transactions I guess.

well if the securities are registered in the brokers name and not yours, it could take some time to unwind.

 

[uranium]

well if the securities are registered in the brokers name and not yours, it could take some time to unwind.

How come?
Securities are owned by him in his own name
Could someone confirm pls

 

[JackAlabama]

How come?
Securities are owned by him in his own name
Could someone confirm pls

They are in many cases registered by the broker, similar to how blackrock owns shares in their etf (they can vote on these shares but you cant) you still own it tho (or hope to do so).

If you have a sophisticated broker, they show you their custodians name, vice versa looking at a company the top shareholders are often names of banks
UBS AG HONG KONG BRANCH
CITIBANK NOMINEES SINGAPORE PTE LTD

Doesnt mean the securities are lost tho.

 

[uranium]

At this stage I believe best is to reach out to the liquidator and request update.
If I had a substantial amount with this bank, I would travel to Switzerland and meet liquidator and ask him face to face. Give me exact date when i get back my money!

 

[nobel]

I have already sent two emails. I never received a reply. Don't waste your time.

 

[zonqor]

Well, this is the only thing we know so far:

3. Segregation of custody assets​

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.

Securities and corporate actions account (AAA.099): this account contains all client securities and cash resulting from corporate actions

All shares I have are correctly shown in this account, I didnt have any cash

 

[nobel]

Does anyone know the „Flowbank Recovery Syndicate" Telegram group? I can't find it. Does anyone have the link?

https://agefi.com/actualites/entrep...ank-se-regroupent-pour-recuperer-leurs-titres

 

[zonqor]

Found it:...

https://t.me/+lJSodsns6ok4ZjA0
https://johnb8005.github.io/flowbank-syndicate/

 

[zonqor]

Nobel,

Did you get a chance to join the group?
If so , any info there ?

 

[nobel]

Nobel,

Did you get a chance to join the group?
If so , any info there ?

Yes, I'm in there, but nothing interesting. You can now transfer the securities, did you get the information yesterday and fill out the form?

 

[zonqor]

Didn't go through emails yesterday.
Will do.

 

[nobel]

Didn't go through emails yesterday.
Will do.

The system is currently overloaded, I don't think there's anything you can do. I was lucky that I filled it out quickly yesterday.

 

[zonqor]

There is
Flow Bank is facing technical difficulties...
When I click on securities just fail to load and goes on and on..probably that option turned off for the weekend
LOL, never fail to disappoint.

I was lucky that I filled it out quickly yesterday.

Did you just fill under securities?
First question is for Iban number and the name,
Do I need that as well ? Or just brokers details under securities?!

 

[nobel]

There is
Flow Bank is facing technical difficulties...
When I click on securities just fail to load and goes on and on..probably that option turned off for the weekend
LOL, never fail to disappoint.

I was lucky that I filled it out quickly yesterday.

Did you just fill under securities?
First question is for Iban number and the name,
Do I need that as well ? Or just brokers details under securities?!

The usual: Name, address, IBAN (every deposit account actually has this), bank name, bank phone number.
The system will be overloaded because over 20K customers access it.
PS: In future, you should check your emails in real time, for example on your cell phone, so that you don't miss anything.

 

[zonqor]

The usual: Name, address, IBAN (every deposit account actually has this), bank name, bank phone number.
The system will be overloaded because over 20K customers access it.

I understand but ive no cash so i dont know how relevant is this to me.

PS: In future, you should check your emails in real time, for example on your cell phone, so that you don't miss anything.

I like to have a drink or two and relax...
I was glued up to L2 screens for years, every day, no good for your health and blood pressure.
Im not in hurry with this transfer as long as it lands with my broker.