Allegedly as secure as a savings account while generating high returns:numerous investors – particularly people in Vorarlberg – invested their savings in the ISB Hedge Index of the Liechtenstein ISB Holding Anstalt and received certificates in return, which have now turned out to be completely worthless. The ISB Holding Anstalt has become bankrupt in the meantime.A recent decision by the Liechtenstein Supreme Court has now made it clear that claims for damages against the acting executive organs of ISB Holding Anstalt must be asserted immediately as the short limitation period will not be interrupted by the bankruptcy proceedings.
"The damages incurred by the investors must amount to more than 20 million Swiss francs," lawyer Helmut Schwärzler explains, "particularly considering that claims amounting to 21.8 million Swiss francs had already been asserted."Investors were encouraged to invest their savings in the ISB Hedge Index through numerous brokers, most of whom were conducting business in Vorarlberg."As secure as a savings account" was the argument all too frequently used by the brokers to attract customers.
It is now apparent that the ISB Hedge Index was a purely imaginary products without any real value whatever.The ISB Holding Anstalt into whose accounts most of the money was paid has now become bankrupt.Because the scope is so vast, it may be assumed that the bankruptcy proceedings will go on for several years.
Claims for damages against the Administrative Board of ISB Holding Austria in Liechtenstein must be asserted as quickly as possible."The Supreme Court of Liechtenstein has recently established that the bankruptcy proceedings will by no means interrupt the statutory limitation on the assertion of accountability claims against the organs of the ISB Holding Anstalt," says Helmut Schwärzler.His firm had already filed lawsuits against the Administrative Board as early as a year ago.Helmut Schwärzler certainly regards the prospects of success for such a lawsuit as being promising.
Schwärzler Attorneys at Law
Schwärzler Attorneys at Law is a firm of solicitors with domicile in Liechtenstein (Schaan) and an international network.Founded in 2005, Schwärzler Attorneys at Law represent international clients in all issues relating to Liechtenstein and Austrian law and the firm's specialisations include tort, criminal law and family law.Other areas of activity include contract law, commercial law, administrative law, labour law and inheritance law.Schwärzler Attorneys at Law was founded by Helmut Schwärzler, solicitor in Liechtenstein and Austria.Helmut Schwärzler is one of the authors of the fact book entitled "Verantwortlichkeit im liechtensteinischen Gesellschaftsrecht" [accountability under Liechtenstein company law], which has just been published in a second edition.In his capacity as a trained mediator, he is one of the few legal practitioners in Liechtenstein, who are also active in the mediation sector.Furthermore, Helmut Schwärzler is a member of the Administrative Board and joint owner of the affiliated companies Concordanz Trust Enterprise and Schwärzler Hotel Management, which runs six hotels in Liechtenstein, Vorarlberg and Salzburg.