Stibbe represents bankruptcy trustrees Indover Bank

NL Law

Stibbe represented the bankruptcy trustees of the Dutch merchant bank, Indover Bank, in a major dispute with Bank Indonesia. Indover Bank was a 100% subsidiary of Bank Indonesia and was declared bankrupt in 2008.

The bankruptcy trustees rejected a EUR 40 million claim from Bank Indonesia and submitted a counterclaim of more than EUR 80 million. According to the bankruptcy trustees, Bank Indonesia breached a contractual guarantee under which it was obliged to enable Indover Bank to meet its obligations. In a decision of 28 June 2019, the Supreme Court dismissed the bankruptcy trustees' claim.