The company Phoenix Kapitaldienst GmbH in Frankfurt am Main had to file for insolvency in 2005 following partly criminal actions by its managers; thirty thousand investors lost their money. The compensation procedure under the Deposit Guarantee and Investor Compensation Act (EAEG) of 1998 revealed some gaps in the actual ability to satisfy the claims of injured persons, at least in part. This triggered a broad discussion on the supervision of capital management companies and on German deposit guarantee schemes. – See firefighting fund, Icelandic bank trap, managed account. – Cf. BaFin Annual Report 2007, p. 143 (aftermath of the bankruptcy), p. 206 f. (legal dispute delays insolvency proceedings), BaFin Annual Report 2008, p. 200 f. (Federal Court of Justice rules).
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
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