Cessation of payments and bankruptcy of Assegurances Generals, SA



On October 17, 2019, the special administrator appointed by the Andorran Financial Authority (AFA) submitted to the Batllia of Andorra the request to cease payments of Assegurances Generals, SA. This demand, justified by the impossibility of the entity to face payable debts, was aimed at protecting the interests of the insured clients of the company.

By means of the Edict dated December 2, 2019, published in the BOPA extra number 105, of December 4, 2019, it is announced that, by court order dated November 26, 2019, it has been declared the cessation of payments and the bankruptcy of the company Assegurances Generals, SA.

This resolution is appealable to the Superior Court of Justice within 13 business days.

As part of the bankruptcy proceedings, the Honorable Batlle has appointed the Andorran Financial Authority as judicial administrator, enabling the AFA to proceed with the operations provided for in articles 60 and related of the Decree of cessation of payments and bankruptcy of dated October 4, 1969, and authorizing the AFA to carry out any actions necessary to ensure the continuation of the activity on the grounds that it cannot be stopped entirely.

Under the above, this Authority informs the creditors of this company that they have 30 business days after the publication in the Official Gazette of the Principality of Andorra (BOPA) to present to the judicial administrator the supporting documents of their credits. For this purpose, creditors can contact the AFA by visiting its offices at Carrer Bonaventura Armengol, 10, Edifici Montclar, block 2, 4th floor, Andorra la Vella (AD500), by phone at (+376) 80 88 98 or by email at fallidaAGA@afa.ad.

In the current non-life and life-risk insurance contracts granted by Assegurances Generals, SA, the rights of the insured are duly guaranteed until the expiration of their policies through the Decree dated 14-10-2019 of measures to help mitigate the effects of the financial hardship on the non-life and life-risk business of Assegurances Generals, SA.

As for the life insurance savings / life investment contracts, the declaration of bankruptcy of Assegurances Generals, SA must allow the orderly and equal treatment of its credits.

 Check the BOPA

Source: Andorran Financial Authority