It was expected. Although the founding team around Michael LUCKOW and his TRADO GmbH fought the liquidation and bankruptcy of the Swiss ENVION AG without success. Thus the first major ICO goes bankrupt with more than USD 100 million in investor money gone. This is also a setback for the Swiss CryptoValley, where ENVION AG is located. The handling of the matter now lies with the courts and insolvency administrators.
With its decision of 14 November 2018, the Cantonal Court of the Canton of Zug dissolved ENVION AG, with its registered office in Baar, in accordance with Art. 731b para. 1 no. 3 of the Swiss Code of Obligations (CO; SR 220) and ordered its liquidation in accordance with the provisions on bankruptcy. The appeal period has now expired unused and the decision is therefore final. The Zug Bankruptcy Office is responsible for the liquidation of envion AG.
FinTelegram already analyzed the ENVION situation and possible consequences of the expected liquidation of ENVION in more detail in other posts (see ENVION Reports). Through our EFRI initiative, we will also support ENVION investors in registering their claims in the liquidation. More information on this is published soon.