The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
250 jobs Number of planned job losses
Announcement Date
26 February 2010
Employment effect (start)
1 March 2010
Foreseen end date
31 May 2010
Description
Commercial Value, one of the biggest insurance companies in Greece, closes down and its 250 employees, in its Attica site, are to loose their jobs.
The Private Insurance Supervisory Committee (EPEIA), on Friday 26 February 2010 revoked the license of Commercial Value insurance company and placed the company in liquidation.
The deadline for a share capital increase came and went without a single euro being paid by the insurer's main shareholders, leaving EPEIA with no other option than to close the company and leave 250 employees without jobs. As a result thousands of clients (50000 people with life insurance contracts and 150000 with various other policies, such as car insurance and home insurance) will have only 30 days of coverage from the insurers' emergency fund and then must find another insurance company.
Bids from two companies (Russian Borodino and English AnaCap) for the purchase of the troubled insurance company failed to submit to EPEIA the necessary documents that would enable the committee to decide whether it would be eligible to buy a controlling stake.
The committee has appointed a liquidation officer and has ordered the sealing of Commerical Value's offices.
Eurofound (2010), Commercial Value, Bankruptcy in Greece, factsheet number 70303, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/70303.
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