Law360, London (June 7, 2021, 3:16 PM BST) — Gefion Insurance A/S was declared bankrupt on Monday after the embattled Danish company failed to fend off a 30 million ($36.5 million) legal claim from a German car rental company.
Gefion, which has been in administration for almost a year in a move to pay off creditors, was granted a request for bankruptcy at Denmark’s Maritime and Commercial High Court.Administrators said the company could no longer afford to pay creditors after losing a Court of Appeal ruling in Germany.
In Britain, the Financial Services Compensation Scheme said it would step in to protect policyholders in the U.K. The company was one…
Read the full article at: https://www.law360.com/insurance-uk/articles/1391484/danish-insurer-gefion-bankrupt-after-30m-legal-defeat