The liquidators of the bankrupt Geneva-based online brokerage and trading bank FlowBank activated a new platform to enable clients to sell their securities directly before November 15.
Asset Liquidation Process
Walder Wyss enabled clients to log in and liquidate their securities until November 15, 2024. This move aims to expedite cash retrieval and avoid the lengthier process of transferring securities. The liquidators noted that failing to take action may lead to delays in accessing funds. To initiate the sale, the liquidators have advised clients to access the online platform using their usual login credentials.
"You now have the opportunity to sell your securities directly via the online platform, which you can access via your customer area. As the transfer of securities proves to be a time-consuming and high-cost process, the sale and transfer of cash is simpler and faster to accomplish," the company mentioned.
"The liquidators encourage you to take advantage of this efficient solution to get back your assets faster. Please ensure to visit the client area to either request the sale of your securities or to confirm your request for transfer. Not taking action may result in additional delays."
Liquidators have also released a guide to walk users through the necessary steps. The securities will be sold at market value, allowing clients to decide when to place their orders.
Important Considerations
Liquidators advised clients to transact during active market hours to avoid order rejections. Once sales are finalized, the cash will be credited to a designated bank account in either EUR or CHF within a few days.
Importantly, any manual transfer of securities or related requests will reportedly be suspended for two weeks following the platform's opening. This precautionary measure aims to streamline the liquidation process for all clients.
For those with questions or needing assistance, FlowBank's liquidators referred customers to a designated customer service line available at +41 22 888 66 00 from 09:00 to 17:00 CET. The team added that the support agents are prepared to address concerns and guide clients through the liquidation process.
