Subsequent to the rejection by the Luxembourg District Court sitting in commercial matters of  ESPIRITO SANTO FINANCIAL GROUP S.A. (ESFG) and ESPIRITO SANTO FINANCIERE S.A. (ESFIL) applications for controlled management on last Friday, 3 October 2014, both entities filed for bankruptcy according to an ESFG press release of today.    

In this press release, ESFG and ESFIL expect the said Court to have bankruptcy orders passed and receivers appointed still this week. We are however of the opinion that if the application might be heard tomorrow the Court’s decision will likely not be available prior to expiry of the period for creditors to appeal the verdicts of 3rd October that runs in principle until close of business of next Monday 13 October 2014.