The Luxembourg District Court (Tribunal d’Arrondissement de Luxembourg) has formally placed Banque Havilland under administration.

Laurent Fisch, a Luxembourg lawyer, and EY Strategy and Transactions, a consultancy, were named administrators and have taken charge of Banque Havilland’s assets.

The grand duchy’s financial regulator said that the order, issued on , extends a payment freeze already in place and triggers action by the Luxembourg Deposit Guarantee Fund (FGDL). This will “enable depositors to be compensated for the unavailability of their deposits up to the amount of covered deposits.” Depositors should contact the to start the procedure, the Luxembourg Financial Sector Supervisory Commission (CSSF) said.

In a separate announcement on Friday, the CSSF it had activated the Investor Compensation Scheme Luxembourg (), which covers up to €20,000 in blocked investment funds.

The European Central Bank revoked Banque Havilland’s banking licence, prompting the CSSF to take administrative control on an interim basis, on . Earlier, on , its Liechtenstein subsidiary gave up its authorisation.

Banque Havilland employs people in Luxembourg.

Delano asked Banque Havilland and Laurent Fisch for comment.

Updated 9 August 2024 at 4:25pm to add that the SIIL investor compensation scheme was activated for investors with Banque Havilland