Publications

Lack of transparency, excessive costs and conflicting interests – the trust sector in Liechtenstein has been subject to severe criticism in the past. In order to ensure that in future the customers of the financial market are being looked after in the best way possible, the Liechtenstein Institute of Professional Trustees and Fiduciaries has changed their Rules of Conduct. How this was done and what opportunities arise for customers, who have lost their trust in professional trustees, is demonstrated in the following article. Article written by Dr. Helmut Schwärzler, MMag. Martin Hermann and Mag. Sara Sahranavard, in Die Privatstiftung (PSR), 2/2019

Asset Recovery Liechtenstein 2015 touches many aspects of both Civil Law and Criminal Law in Liechtenstein and the recovery of assets with procedural measures. The publication gives an extensive overview on possible measures in cases of civil and criminal asset recovery being a main field of experience and practice of the author. The material civil law offers vast possibilities to reclaim and recover lost or stolen assets and also damages e.g. by claims for compensation of damages, tort claims, claims for unjust enrichment, the surrender of property and subsequent enforcement. Further it offers several effective measures to secure existing claims and prevent further disposal of assets and further losses by means of injunction and other provisional measures. Further Liechtenstein offers legal assistance in civil matters also for securing of foreign claims. The criminal law and criminal procedure law provides several rules on the freezing and seizure of assets in connection with a criminal offence as well as measures for forfeiture and confiscation proceeds of a crime in forfeiture and skim-off proceedings by the state and also to the benefit of a victim. Further Liechtenstein as a member of the European Convention on Mutual Legal Assistance in Criminal Matters and other multilateral conventions offers legal assistance to foreign countries in criminal asset recovery cases. For questions and information please contact: Dr. Matthias Niedermüller E-Mail: mn@s-law.li (published by Dr. Matthias Niedermüller, Schwärzler Attorneys at Law in Asset Recovery 2015, in 26 jurisdictions worldwide; “Getting the Deal through”, Law Business Research Ltd., 2015)

Managing directors, administrative boards and foundation councils of Liechtenstein companies and foundations, and such foreign base companies as foundations, establishments, trusts or trust companies controlled from abroad in particular, have special duties and obligations when it comes to the conduct of business and controlling. The authors of this book, now published in a second edition, give a detailed explanation of Liechtenstein company law and the pertinent liability regulations, as well as the actual liability claim. They describe the way in which liability problems can be managed with reference to many examples from practical experience. They also explain the differences between the pertinent regulations in Germany, Switzerland and Austria. (Dr. Helmut Schwärzler and Jürgen Wagner, LL.M., Verantwortlichkeit im liechtensteinischen Gesellschaftsrecht [Liability under Liechtenstein law], 2nd edition, 2012, published by gmg-Verlag)

Many customers encounter unit-linked life insurance when searching for a suitable investment vehicle for their savings. The insurance companies that offer such policies advertise various advantages associated with them, such as favourable taxation rules for payments or preferential treatment for claims arising in the event of bankruptcy. Such unit-linked life insurance policies are usually not sold by the insurance company directly, but through a network of brokers, who act on behalf of the insurance company. This leads to a situation, in which the customer only liaises with the contracted brokers and has very little contact with the insurance company itself, if any at all. In such cases, most problems occur in the event of losses determined during the assessment of the assets paid into the insurance policy, inevitably giving rise to the question of whether the policyholder is entitled to claim compensation and, if so, against whom. (Article by Dr. Matthias Niedermüller, M.B.L. HSG, published in the Liechtenstein Journal 1/2012)

Following the data theft that occurred at LGT Treuhand AG, many former customers are now facing proceedings under taxation law and criminal law. Many of these criminal proceedings have been dismissed without hearings or judgements, but only on payment of a dismissal charge in accordance with § 153a of the Code of Criminal Procedure (StPO). The customers are now asserting claims for these penalties, probation charges and dismissal charges against LGT Treuhand AG under civil law. The eligibility of probation and dismissal charges for compensation has been denied by Liechtenstein law courts so far, however. (Article by Dr. Matthias Niedermüller, M.B.L. HSG, published in the Liechtenstein Journal 4/2010)

In spite of constantly increasing criticism of the lack of cooperation between Liechtenstein and authorities in other countries, numerous resolutions to confiscate documents or freeze assets have been adopted in mutual judicial proceedings in Liechtenstein in recent years. However, the principle of legitimate expectations to be applied in mutual judicial assistance procedures, and the principles of procedure and legal protection, frequently lead to a situation in which the basic rights of the legal and natural persons concerned may be violated over a period lasting several years. (Article by Dr. Helmut Schwärzler, published in the Liechtenstein Journal 1/2009)