ADORISIO AND OTHERS v. THE NETHERLANDS
Doc ref: 47315/13;48490/13;49016/13;49000/13 • ECHR ID: 001-140898
Document date: January 14, 2014
- Inbound citations: 4
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- Cited paragraphs: 1
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- Outbound citations: 5
THIRD SECTION
DECISION
Application no . 47315/13 Stefania ADORISIO and others against the Netherlands and 3 other applications (see list appended)
The European Court of Human Rights ( Third Section ), sitting on 14 January 2014 as a Chamber composed of:
Josep Casadevall, President, Alvina Gyulumyan, Ján Šikuta, Luis López Guerra, Kristina Pardalos, Johannes Silvis, Valeriu Griţco, judges, and Marialena Tsirli , Deputy Section Registrar ,
Having regard to the above applications lodged on 10 July 2013 , 26 July 2013 , 26 July 2013 and 24 July 2013 respectively,
Having deliberated, decides as follows:
THE FACTS
1. A list of the applicants is set out in the appendix.
A. Introduction
2. The facts of the case, as submitted by the applicants, may be summarised as follows.
3. Before the events complained of, the applicants variously held shares or subordinated bonds (the latter under diverse designations) issued by SNS Reaal N.V. , a public limited company ( naamloze vennootschap , “N.V.”) incorporated under Netherlands law, or one or more of its subsidiaries.
4. SNS Bank N.V. was, and is, a high-street retail bank. It was a subsidiary of the holding company SNS Reaal N.V. Another subsidiary of that holding company was Reaal N.V., an insurance company. SNS Bank N.V. ’ s own subsidiaries included ASN Bank N.V., RegioBank N.V. and SNS Property Finance B.V., a private limited company ( besloten vennootschap , “B.V.”).
5. From 2008 onwards the financial position of certain companies within the SNS Reaal group deteriorated. By 2012 the Netherlands central bank ( De Nederlandsche Bank N.V. , “DNB”) was concerned about the conglomerate ’ s financial health to the point that it decided to seize the Minister of Finance ( Minister van Financiën ) of the situation.
6. Reports relevant to the case were presented on 31 October 2012 by Ernst & Young, a firm of accountants, and on 14 December 2012 by Cushfield & Wakeman, a real estate services firm (a supplement to the latter was presented on 20 December 2013). Copies of these reports submitted by the applicants have parts blacked out. It would appear that these documents were not released to the applicants complete at any relevant time.
B. The expropriation proceedings
1. DNB ’ s letter to the Minister of Finance
7. On 24 January 2013 DNB wrote to the Minister of Finance in the following terms (footnotes omitted):
“ 1. Introduction
On 18 January 2013 DNB sent the outcome of the Supervisory Review and Evaluation Process (SREP) to SNS Bank N.V. (SNS Bank) in the form of an intended SREP-decision. In this intended decision ... DNB notes a capital shortage of at least 1,9 billion euros (EUR) and states its intent to impose on SNS Bank the measure of having to supplement its core capital by at least EUR 1.9 million no later than 31 January 2013 at 6 p.m., or at least to present, no later than 31 January 2013 at 6 p.m., a final solution which, in the considered view of DNB, has sufficient prospects of success and which will, in the short term, lead to the actual supplementing of the said capital shortage. If SNS Bank should prove unable sufficiently to strengthen its capital position in time, DNB, according to its statement of intent, will consider it irresponsible for SNS to continue banking and DNB will make use of its powers under the Financial Supervision Act ( Wet op het financiëel toezicht ). SNS Bank has until noon on 24 January 2013 to state its views; DNB will come to a final decision as soon as possible thereafter, taking these views into account. If these views should provide any new insight, then DNB will inform your ministry accordingly as soon as possible.
In the event that DNB in its final SREP decision imposes on SNS Bank the measure referred to in its intended decision and SNS Bank does not comply with the measure thus imposed within the time-limit set, DNB considers it irresponsible for SNS Bank to continue banking. In addition, in the absence of a convincing and final solution it would appear impossible to publish by 14 February 2013 provisional annual accounts drawn up on the basis of continuity. In view of the expectations raised as regards an overall solution, postponing the publication of annual accounts without announcing an overall solution for SNS Reaal will mean further undermining confidence in SNS Reaal. DNB considers this irresponsible from the point of view of financial stability, also in the light of the increasing flow of publications in the media on the vulnerable position of SNS Reaal and the resulting outflow of funds.
Since SNS Bank is a system-relevant institution ( systeemrelevante instelling ), the threat of insolvency of SNS Bank (and therefore that of the entire concern) will mean that the stability of the financial system is in serious and immediate danger. DNB therefore advises you to make preparations to enable the use of your powers under part 6 of the Financial Supervision Act immediately after the lapse of the time-limit in a final SREP-decision if and in so far as one is taken, or even sooner if the situation should so require.
In view of the seriousness of the situation and the speed of the developments, DNB considers it important to send you this informative letter – based on section 6:5 of the Financial Supervision Act – already now. Paragraph 2 of this letter provides background information relating to the situation of the institution and the supervisory approach adopted by DNB. Paragraph 3 explores financial stability as the guiding point of departure in seeking a solution. Paragraph 4 provides an overview of the solutions examined and the reasons why, as it appears at present, these are not achievable. Paragraph 5 makes a few closing remarks.
2. Background
...
After a broad survey of possible avenues for a solution by a joint working group, there have been intensive discussions with the Ministry of Finance and market parties about a plurality of (variants of) solutions. In its role as supervisor and co-responsible party for the stability of the financial system, DNB has played an initiating and active role in this process of negotiation. With the help of external advisors, a solution has been sought which comes as close as possible to meeting the following basic criteria:
3. Financial stability
In DNB ’ s considered view it is not only SNS Bank ’ s continuity which is of importance for the financial system, but also that of the holding SNS Reaal.
SNS Bank ’ s insolvency will have serious consequences for the stability of the financial system because of (i) the costs involved in the implementation of the deposit guarantee scheme, (ii) loss of confidence in other Netherlands financial institutions and (iii) the consequences for account holders and the attending unrest. DNB has described these factors in its letter of 2 October 2012, in which it is explained that DNB considers the estimated eventual cost flowing from the implementation of the deposit guarantee scheme irresponsibly high, seen also in the light o f the general scarcity of capital and the desire of the markets for the anticipated application of Basle III [a voluntary regulatory standard on bank capital requirements, now due to enter into force in 2018] (argument i). In order to supplement these arguments, communicated to your Ministry earlier, DNB points to the following factors:
...
5. Conclusion
... [It would appear], at this moment, that nationalisation of the conglomerate as a whole is the only remaining solution for SNS Reaal. For a decision to expropriate to be taken, there has to be a situation of ‘ serious and immediate danger to the stability of the financial system ’ . As has been observed in the introduction to this letter, DNB considers it irresponsible for SNS Bank to continue banking in the event that DNB in its final SREP-decision imposes on SNS Bank the measure referred to in its intended decision and SNS Bank does not comply with the measure thus imposed within the time-limit set . In the considered view of DNB the above-mentioned legal criterion for nationalisation will then have been met. Should you decide not to proceed with nationalisation, DNB, as the responsible supervisor, would be compelled to seek an emergency arrangement, which would mean implementing the deposit guarantee system.
An emergency situation is therefore imminent. In the introduction to this letter attention has been drawn to the danger of loss of confidence as a result of any postponement of publication of the annual accounts without announcing an overall solution for SNS Reaal. There is already a loss of confidence, which has manifested itself in an outflow of funds in an amount of approximately EUR 1.4 million since the reports of 16 January 2013 about the position taken by the EC in this case; actually, if it had not been for public confidence in the safety net provided by the State the outflow would probably have been considerably greater.
In addition to publication of the annual accounts without announcing an overall solution DNB notes other events that could be the beginning of an emergency situation. In the first place, DNB cannot allow Reaal and/or SNS Bank to increase lending to the holding SNS Reaal with which to repay external financing that will end in March. Absent any other funding possibilities this is expected to cause the holding to be unable to make further payments. In addition, if no solution is found, then SNS Bank, owing to its very weak capitalisation and the negative developments in this respect, would run the risk of no longer having access to the European Central Bank ’ s facilities. This, combined with the outflow of funds that has already occurred, could cause SNS immediate liquidity problems.
On the above grounds, DNB advises you to make preparations to enable the use of your powers under part 6 of the Financial Supervision Act immediately after the expiry of the time-limit in a final SREP-decision if and in so far as one is taken, or even sooner if the situation should so require. ”
8 . This letter was at the time classified confidential. It has since been made available to the public.
2. The SREP Decision
9. On 27 January 2013 DNB, after SNS Bank had stated its views, gave a decision (the “SREP decision”) which, as relevant to the case before the Court, was in the following terms:
“ 6. Decision
SNS Bank shall supplement its core capital by no less than EUR 1.84 billion no later than 31 January 2013 at 6 p.m., or in an y case SNS Bank shall, no later than 31 January 2013 at 6 p.m., present a final solution which, in the considered view of DNB, offers sufficient prospects of success, it being required, at least, that all the parties involved shall demonstrably have committed thems elves to the solution presented , and which solution shall lead to the actual supplementing of the said capital shortage in short order.
7. Final remarks
Only if the decision set out in paragraph 6 has been fulfilled will it be possible for DNB to conclude that SNS Bank ’ s established capital ( toetsingsvermogen ) guarantees controlled and durable cover of its risks. If SNS Bank should prove unable to strengthen its capital position sufficiently and in time, DNB considers that it is irresponsible for SNS Bank to continue banking and DNB will make use of its powers under the Financial Supervision Act. ... ”
3 . The expropriation decree
10. On 1 February 2013 the Minister of Finance issued the following decree (Official Gazette ( Staatscourant ) 1 February 2013, no. 3018, translation published by the Government):
“The Minister of Finance, acting in agreement with the Prime Minister, Minister of General Affairs;
Having regard to Sections 6:1(1), 6:2(1), (4) and (5), and 6:4(1) and (2) of the Financial Supervision Act;
Having consulted [DNB];
DECREES as follows:
Article 1
1. The following securities, issued by or with the cooperation of the public limited company ( naamloze vennootschap ) SNS REAAL N.V. or, respectively, the public limited company SNS Bank N.V., both having registered offices at Utrecht, shall be expropriated for the benefit of the State of the Netherlands:
a. all two hundred and eighty-seven million six hundred and nineteen thousand eight hundred and sixty-seven (287,619,867) issued shares of the class Ordinary shares in the share capital of SNS REAAL N.V., ISIN code NL0000390706;
b. all six (6) issued shares of the class Shares B in the share capital of SNS REAAL N.V.;
c. all other issued shares in the share capital of SNS REAAL N.V.;
d. all issued shares in the share capital of SNS Bank N.V. held by others than SNS REAAL N.V. or its group companies;
e. all four million three hundred and fifty thousand (4,350,000) Stichting Beheer SNS REAAL Core Tier 1 capital securities issued by SNS REAAL N.V.;
f. all subordinated bonds issued by SNS REAAL N.V. that belong to the following series:
1 o . EUR 350 million 6. 258% Fixed/Floating Rate Hybrid Capital Securit ies issued under SNS REAAL N.V. ’ s EUR 2,000,000,000 Debt Issuance Programme of 13 July 2007, ISIN code XS0310904155;
2 o . EUR 100 million 8. 45% Fixed/Floating Rate Hybrid Capital Securities issued under SNS REAAL N.V. ’ s EUR 2,000,000,00 0 Debt Issuance Programme of 18 August 2008, ISIN code XS0382843802;
g. all subordinated bonds issued by SNS Bank N.V. that belong to the following series:
1 o . EUR 320 million 11.25% Resettable Tier 1 Notes issued on 27 November 2009 under the Debt Issuance Programme of SNS Bank N.V. / SNS REAAL N.V., ISIN code XS0468954523;
2 o . EUR 200 million 5.75% Subordinated Fixed changing to Floating Rate Notes issued on 22 July 2003 under the EUR 20,000,000,000 Debt Issuance Programme, ISIN code XS0172565482;
3 o . EUR 500 million 6.25% Subordinated Notes issued on 26 October 2010 under the Debt Issuance Programme of SNS Bank N.V. and SNS REAAL N.V., ISIN code XS0552743048;
4 o . EUR 200 million 6.625% Subordinated Fixed Rate Notes due 14 May 2018, issued on 14 May 2008 under SNS Bank N.V. ’ s EUR 25,000,000,000 Debt Issuance Programme, ISIN code XS0363514893;
h. all non-listed subordinated bonds issued by SNS Bank N.V. under the name of ‘ SNS Participatie Certificaten 3 ’ with a nominal value of EUR 100 each, at an interest rate of (currently) 5.16%, issued for an indefinite period and described in the prospectus of 1 May 2003;
i. all debt instruments, issued by or with the cooperation of SNS REAAL N.V. or SNS Bank N.V., which include subordination clauses that are similar to the subordination clauses included in the aforementioned series of bonds, or that otherwise prevent the claims of holders of such instruments from being met until after senior creditors of the issuer have been satisfied.
2. The following capital components of SNS REAAL N.V. and SNS Bank N.V., respectively, shall be expropriated for the benefit of Stichting Afwikkeling Onderhandse Schulden SNS REAAL [“Foundation for settling the private debts of SNS REAAL”] , with registered office at Utrecht:
a. the payment obligations of SNS REAAL N.V. and SNS Bank N.V. under the following loans:
1 o . the EUR 20 million, 7.13% loan of SNS REAAL N.V. dated 9 October 2000 maturing on 23 June 2020 extended by Van Doorn Securities B.V.;
2 o . the EUR 10 million, 7.10% loan of SNS REAAL N.V. dated 9 October 2000 maturing on 23 June 2020 extended by Van Doorn Securities B.V.;
3 o . the NLG 400 million loan of SNS REAAL N.V. dated 20 May 1997 and maturing on 24 February 2014 extended by Stichting tot beheer van FNV aandelen Reaal Groep N.V.;
4 o . the NLG 1 million loan of SNS Bank N.V. received on 23 February 1999 and maturing on 23 February 2019, extended by Stichting Pensioenfonds Poseidon;
5 o . the NLG 25 million loan of SNS Bank N.V. received on 27 December 1999 and maturing on 27 December 2024, extended by Stichting Bewaarder OHRA Obligatie Fonds;
b. all obligations and liabilities of SNS REAAL N.V. or SNS Bank N.V. to parties expropriated under the first subsection or to former holders of securities expropriated under that subsection, to the extent that those obligations or liabilities relate to the (former) holdership of the said securities;
such that all rights and obligations arising from those capital components with respect to SNS REAAL N.V. or SNS Bank N.V. shall transfer to Stichting Afwikkeling Onderhandse Schulden SNS REAAL effective as of the time of expropriation.
3. Any party that loses the right to claim against SNS REAAL N.V. or SNS Bank N.V. as a result of the expropriation of the capital components referred to in subsection (2) shall be deemed to be ‘ titleholders ’ within the meaning of Section 6:8(1) of the Financial Supervision Act ( ... ), for the purposes of Chapter 6.3 of that Act.
Article 2
The public limited company SNS REAAL N.V. shall be appointed as director of Stichting Afwikkeling Onderhandse Schulden SNS REAAL.
Article 3
1. Notwithstanding any provision in Part 6 of Volume 2 of the Dutch Civil Code or the relevant provisions in the Articles of Association:
a. the members of the Board of Management ( raad van bestuur ) of SNS REAAL N.V., as well as the chairman and vice-chairman of that Board, shall be appointed, suspended and dismissed by the general meeting of shareholders, without any recommendation.
b. the members of the Supervisory Board ( raad van commissarissen ) of SNS REAAL N.V., as well as the chairman and any vice-chairman of that Board, shall be appointed, suspended and dismissed by the general meeting of shareholders, without any recommendation.
2. The provisions set out in subsection (1) shall be in effect for a period of six months starting on the date this Decree takes effect.
Article 4
This Decree shall take effect on February 1, 2013 at 08:30 hours.
This Decree shall be published by means of a press release in combination with the publication of the complete text of this Decree on the website of the Ministry of Finance. A copy of the Decree shall be sent to SNS REAAL N.V., SNS Bank N.V. and Stichting Afwikkeling Onderhandse Schulden SNS REAAL.
This Decree shall also be annou nced in the Government Gazette [i.e. the Official Gazette] ( Staatscourant ).”
11. A press release was issued, in Dutch and in English. It read as follows ( English-language version published by the Government) :
“PUBLICATION CONCERNING THE EXPROPRIATION OF SNS REAAL AND SNS BANK
News item | 01-02-2013
The Minister of Finance, having consulted [DNB] and having reached agreement with the Prime Minister, has decreed, pursuant to Sections 6:2 and 6:4 of the Financial Supervision Act ( ... ), the expropriation of:
all issued shares in the capital of SNS REAAL NV;
all Stichting Beheer SNS REAAL Core Tier 1 capital securities issued by SNS REAAL NV;
all issued shares in the capital of SNS Bank NV held by others than SNS REAAL NV or its group companies;
all subordinated bonds of SNS REAAL NV and SNS Bank NV;
all subordinated private liabilities of SNS REAAL NV and SNS Bank NV.
All shares, Stichting Beheer SNS REAAL Core Tier 1 capital securities, and subordinated bonds are expropriated for the benefit of the State of the Netherlands. The expropriation of the subordinated private liabilities is effected by the expropriation of the corresponding liabilities of SNS REAAL and SNS Bank for the benefit of Stichting Afwikkeling Onderhandse Schulden SNS REAAL, established at Utrecht.
The expropriation decree shall take effect today, February 1, 2013 at 08:30 hours. At that moment, title to the expropriated securities and liabilities will by operation of law transfer to the State of the Netherlands and the Stichting Afwikkeling Onderhandse Schulden SNS REAAL, respectively. As from such time, the original entitled parties will no longer be able to dispose of the expropriated securities or liabilities.
The expropriation was made necessary by the extreme situation SNS Bank and SNS REAAL found themselves in and the serious and immediate threat posed by that situation to the stability of the financial system.
For the full text (in Dutch) of the expropriation decree, which describes the expropriated securities and liabilities in greater detail, please refer to the website of the Ministry of Finance, where the expropriation decree is set out in full.
The expropriation decree also informs interested parties as to how they may file objections against the decree.
For information purposes an English translation of the relevant parts of the expropriation decree (including a more detailed description of the expropriated securities and liabilities) is available.”
12 . A news item was issued in Dutch and in English. It read as follows ( English-language version published by the Government) :
“ State of the Netherlands nationalises SNS REAAL
News item | 01-02-2013
The Minister of Finance, in close consultation with [ DNB ] , has nationalised SNS R EAAL . Savings deposits of clients are secure and the service provision of SNS REAAL has been safeguarded. The intervention has averted grave threats to financial stability and the economy.
Financial stability safeguarded, private sector to contribute
Nationalisation under the Invervention Act ( Interventiewet ) has become necessary because SNS REAAL finds itself in acute distress on account of its real estate problems. DNB had asked the institution to produce a solution before the firm deadline of 31 January 2013, 18:00 hours. The absence of such a solution, would mean bankruptcy for SNS Bank and put the Dutch financial system in serious and immediate danger. After DNB concluded once the deadline had passed that no solution was found, nationalisation was the only remaining option to safeguard financial stability in the Netherlands. ‘ I scrutinized all alternative solutions involving market parties. But yesterday night I found myself compelled to conclude that no acceptable total solution was offered. I therefore had to use the instrument of last resort, which is nationalisation. Nationalisation would safeguard financial stability and prevent serious damage to the economy. I can well understand the aversion many people will feel because once again, a large sum of taxpayers ’ money is required. This is why I want the private sector to contribute as much as possible towards the rescue of SNS Reaal, ’ Minister of Finance Jeroen Dijsselbloem said.
The private sector will have to share in the cost to the maximum extent that DNB regards as justifiable. This means that shareholders and subordinated creditors will be expropriated, saving the State €1 billion in expenses. Added to this, a special, one-off resolution levy of another €1 billion is to be imposed on the banks in 2014.
The intervention and the budgetary consequences
DNB has found that supplementary financial measures will be required to stabilise SNS REAAL. SNS REAAL ’ s problematic real estate arm is to be isolated. The entire operation will cost the State €3.7 billion. This amount breaks down into €2.2 billion in new capital injections, €0.8 billion to be written off from the earlier aid package, and €0.7 billion to put t he real estate portfolio at arm ’ s length.
Furthermore, the State will extend €1.1 billion in loans plus guarantees worth €5 billion. As a result, the EMU balance 2013 of the Netherlands will deteriorate by 0.6% while EMU debt will increase by 1.6%.
Savings are safe
Savers and other clients of SNS REAAL will notice no other changes. The client services of SNS REAAL with 1,6 million saving accounts and [one] million checking accounts will continue as usual and their savings are secure.
...
The future of SNS REAAL
The new management has received instructions to ensure that once SNS REAAL has been stabilised and market conditions allow it, business units are returned into private hands.
A voiding government intervention
This fresh intervention marks a setback in the effort to restore the Dutch financial sector to robust health. The Minister intends to avoid such costly govern me nt measures in the future. Minister Dijsselbloem: ‘ In the future, banks must be far easier to separate. This will mean that instead of an entire institution, only the parts of public relevance will have to be rescued. Legislation at the European level will have to ensure that in the future to the extent possible, the bill will be paid by private stakeholders. ’
Technical aspects
The expropriation decision and its press rele ase may be read on the website.
In 2014, a one-off levy of € 1 billion will be imposed on the banks, to be paid into the treasury. This levy will not qualify for deduction from corporate tax. The contribution of each bank will be proportionate to its share in the total amount of deposits guaranteed under the Deposit Guarantee Scheme as at 1 February 2013. ”
13 . On the same day, the Minister of Finance in person made a statement enlarging on the above at a press conference devoted to the nationali s ation of SNS Bank .
14 . Also on the same day, the Minister of Finance wrote in the following terms to the Lower House of Parliament ( Tweede Kamer der Staten-Generaal , via its Chairman) (translation published by the Government) :
“I am writing to inform you of the nationalisation of SNS REAAL, which I enforced today under the Intervention Act ( Interventiewet ). The decision to do so was taken in agreement with the Prime Minister and in close consultation with [DNB] .
In arriving at this decision, I closely examined all private and public-private options to solve the problems of SNS Bank ’ s real estate arm. In the summer of 2012, a possible solution involving the large banks emerged. Subsequently, in October 2012, a private equity fund announced its willingness to negotiate. Both my predecessor and I, mindful of the recommendations by the Financial Crisis Inquiry Commission, had several confidential meetings with the Parliamentary Finance spokesmen to talk and inform them about the situation at SNS REAAL. The Cabinet was also updated several times during the process.
The continuing problems at SNS Property Finance forced DNB to conclude that SNS Bank required twice as much core capital as was available, the capital deficit. DNB had imposed a deadline of 31 January, 18:00 hrs, on SNS Bank to come up with a solution to remedy the funding deficit. Yesterday evening, DNB informed me that this deadline had passed without a solution having been found and that further measures would, in fact imply a bankruptcy. I subsequently had to conclude to my regret that the available alternatives were unacceptable; each of these alternatives laid the largest risks at the doorstep of the State, while conferring few powers. Therefore, in order to safeguard financial stability, I had no option but to nationalise, because SNS Bank would otherwise have gone bankrupt. The activation of the deposit guarantee scheme would have meant an enormous cost burden for the other banks.
By nationalising the bank, I have safeguarded the money in 1.6 million savings accounts and one million current accounts. In addition, customers of SNS REA AL can continue to use the bank ’ s services without interruption.
Following the nationalisation, direct support is needed to bail out SNS REAAL. In doing so, I wish to tackle the root of the problems. The institution will be recapitalised and the source of the problems, the real estate branch, will be isolated financially and operationally from the institution.
In contrast to earlier support given in 2008, I will see that private parties that have knowingly chosen to finance SNS REAAL and SNS Bank will contribute to the maximum extent that DNB considers safe with a view to financial stability. I have expropriated not only the shareholders but also subordinated creditors. They will thus contribute €1 billion to the recapitalisation.
...
Consequences for those expropriated and for compensation
Parties suffering expropriation are entitled to compensation under part 6:3 of the [Financial Supervision Act]. The principle applying in this respect is that losses suffered must be a direct and necessary consequence of the expropriation and that the actual value of the expropriated shares and assets is compensated. The calculation of the fair value of the expropriated securities and assets is based on what the outlook for SNS REAAL would have been if the expropriation had not taken place. Account is taken of the price that would have applied, at the time of the expropriation and given the said prospects, in a free market transaction between the expropriated party as a reasonable seller and the expropriating party as a reasonable buyer. Account also has to be taken of S tate support previously provided and not yet repaid.
In my opinion, SNS REAAL would have become insolvent if the Dutch State had not i ntervened. Based on my advisers ’ analysis and given expected losses and state support still to be repaid, I believe that the value of the expropriated securities and assets of SNS REAAL and SNS Bank would be negative in the event of bankruptcy. In view of the above, and given that SNS REAAL requires a significant injection of capital by the State, I believe that the compensation should amount to €0 per expropriated share and €0 per expropriated loan.
I will make an official offer of compensation to the expropriated parties as soon as possible. I will then instruct the Enterprise Division of the Amsterdam Court of Appeal to set the compensation in accordance with this offer. Expropriated parties who object to the offer of compensation may seek recourse to the Enterprise Division of the Court of Appeal.
... ”
3. Proceedings before the Administrative Jurisdiction Division of the Council of State
15. The applicants and other affected parties lodged appeals with the Administrative jurisdiction Division of the Council of State ( Afdeling bestuursrechtspraak van de Raad van State , “the Administrative Jurisdiction Division” or “the Division”).
16. The Minister of Justice submitted the documents underlying the expropriation order but , with reference to section 8:29 ( 1 ) of the General Administrative Law Act ( Algemene wet bestuursrecht ) , sought a direction that access to certain parts of the reports by Ernst & Young and Cushman & Wakeman should be restricted to the Administrative Jurisdiction Division only . On 12 February 2013 the Administrative Jurisdiction Division held that the request for limitation of access to the documents was partially justified.
17. It is apparent that the applicants were given access to a copy of the Minister ’ s written defence statement, which comprised 105 pages, no earlier than 14 February 2013 at approximately 5 p.m.
18. A hearing took place on 15 February 2013 , starting at 9.30 a.m .
19. The Administrative Jurisdiction Division gave judgment on 25 February 2013. As relevant to the case now before the Court, it held as follows (translation published by the Council of State):
“ Right to a fair hearing and procedural aspects
7. Some appellants argue that the provisions of the Financial Supervision Act and the manner in which the Division has dealt with this case violate their right to a fair hearing as safeguarded by article 6 of the Convention for the Protection of Human Rights and Fundamental Freedoms (ECHR) [i.e. the Convention] . They refer in this connection to the brevity of the period for lodging an appeal, to the brevity of the period between the lodging of the appeal and the appeal hearing held by the Division and to the fact that in some cases they only had a few days before the hearing in which to acquaint themselves with the documents relating to the case. These appellants argue that as a result of this limited time for preparation they have been unable to defend their interests properly. More particularly, a few of these appellants argue that the Division should have held the hearing not on Friday 15 February 2013 but on Monday 18 February 2013 and that they had no opportunity to inspect the minister ’ s 105-page statement of defence until after 5 pm on the day before the hearing.
7.1. It is apparent from the case law of the European Court of Human Rights (ECtHR) [i.e. the Court] (e.g. the case of Ashingdane v. the United Kingdom [ Ashingdane v. the United Kingdom , 28 May 1985, Series A no. 93 ] ) that article 6 ECHR does not confer an absolute right of access to the courts. The Contracting States enjoy a margin of appreciation in laying down regulations that entail certain limitations, provided that the very essence of the right of access to the courts is not impaired and the limitations serve a legitimate aim and are proportionate.
7.2. Pursuant to section 6:6, subsection 1 of the Financial Supervision Act an appeal against an expropriation order must be lodged within ten days, and pursuant to section 6:7, subsection 3 the Division must give judgment no later than on the fourteenth day after receipt of the last notice of appeal to be lodged. The Division acknowledges that these periods are much shorter than is customary in administrative law proceedings. However, the right of access to the courts is not in essence impaired by these limitations. Moreover, the prescribed periods serve a legitimate aim. The Division takes into account in this connection that there is an exceptionally great public interest in obtaining judgment without delay in this case. The expropriation order is intended to avert a serious and immediate threat to the stability of the Dutch financial system. As long as it is uncertain whether this order will be upheld, this aim is not fully achieved. In view of this weighty public interest the periods contained in the Financial Supervision Act do not violate article 6 ECHR and the Division has organised the proceedings in such a way as is necessary to give judgment within the statutory period. It is important to note here that the appellants had the opportunity to put their case both in writing and orally and that many of them actually made use of this opportunity. Nor, in view of the exceptional nature of this case, is this altered by the fact that an unusual degree of effort was needed on the part of the appellants too.
In so far as a few appellants complain that they did not receive an invitation to the hearing or did not receive it in time and were accordingly unable to represent their interests in person at the hearing, the Division finds that since the great majority of the appellants were able to put their case both in writing and orally and, in the opinion of the Division, all possible relevant aspects of the case were raised, it is unlikely that the interests of the appellants concerned were disproportionately impaired.
In so far as a few appellants have invoked article 6 (3) ECHR [i.e. Article 6 § 3] , this argument is untenable for the simple reason that there is no basis for the view that the expropriation order constitutes a criminal charge within the meaning of that provision in relation to the holders of the expropriated securities and assets.
8. The wording of article 47 of the Charter of Fundamental Rights of the European Union ( ‘ EU Charter ’ ) is similar to that of article 6 ECHR. Quite apart from whether this action concerns the implementation of Union law within the meaning of article 51 (1) EU Charter, it is apparent that since the application of the relevant provisions of the Financial Supervision Act does not violate article 6 ECHR it also does not conflict with article 47 EU Charter (see the Division ’ s judgment of 21 November 2012 in case no. 201110693/1/A2; www.raadvanstate.nl).
The submission on this point by a number of appellants is therefore untenable. Accordingly, the Division sees no reason to refer this matter to the Court of Justice of the European Union ( ‘ Court of Justice ’ ) for a preliminary ruling on the applicability of the EU Charter, as requested by these appellants.
9. The appellants numbered 318 in the annexe have submitted that the expropriation order is based to such an extent on the DNB decision of 27 January 2013, under which SNS Bank was ordered to supplement its core capital, that the Division cannot assess the expropriation order as long as the legality of DNB ’ s decision has not been established. These appellants argue that the Division should therefore stay its judgment until a decision has been taken on the legality of DNB ’ s decision.
9 .1. This submission is untenable. [Section] 6:2, subsection 1 of the Financial Supervision Act does not make the power of expropriation dependent on the existence or otherwise of any decision of DNB. The legality or illegality of DNB ’ s decision is therefore not decisive in answering the question before the Division in these proceedings, namely whether the expropriation order was made in accordance with the law.
10. Various appellants have submitted that under section 4:8, subsection 1 of the General Administrative Law Act ( ... ) the minister should have given the holders of securities and assets expropriated under the expropriation order the opportunity to express their views on the order before it was made.
10.1. This submission is untenable. Under section 4:11, subsection 1, opening words and (a) and (c) of the General Administrative Law Act, an administrative authority may decide not to apply section 4:8 where speed is of the essence or the intended purpose of the order can be achieved only if the interested party is not informed of it in advance. In view of the nature and purpose of the expropriation order, the minister was entitled not to apply section 4:8, subsection 1 of the General Administrative Law Act since if news of a possible expropriation had become known early this could have increased the risks to the stability of the financial system.
... ”
Addressing complaints under Article 1 of P rotocol No. 1, the Administrative Jurisdiction Division held that the appeals were well-founded in so far as they concerned the expropriation of the assets referred to in article 1, paragraph 2 (b) of the expropriation order – these being unsecured loans and therefore not considered amenable to expropriation – but dismissed them for the remainder.
20. Appended to the Administrative Jurisdiction Division ’ s decision was a list of 713 appellants comprising natural and legal persons both domestic and foreign.
C . The compensation proceedings
1. The compensation offer
21. On 4 March 2013 the Minister of Finance wrote to the expropriated parties informing them of his intention to base compensation for the shares and bonds expropriated on “ the actual value of the expropriated securities and capital components ... , taking into account the future prospect of SNS Bank and SNS REAAL if expropriation had not taken place ”. Since in his view “ without the expropriation SNS REAAL and SNS Bank would have gone bankrupt or have gone into liquidation ”, the actual offer was in the following terms (translation published by the Government) :
“€0,- for every share issued by SNS REAAL and for every share issued by SNS Bank that is held by others tha n SNS REAAL or its group companies (article 1, paragraph 1, sub a to and including d, of the decree);
€0,- for every Stichting Beheer SNS REAAL Core Tier 1 capital security (article 1, paragraph 1, sub e, of the decree);
€0,- for every subordinated bond issued by SNS REAAL or SNS Bank (article 1, paragraph 1, sub f to an including i, of the decree);
€0,- for every loan contracted by SNS REAAL or SNS Bank that as a result of the expropriation has been transferred to Stichting Afwikkeling Onderhandse Schulden SNS REAAL (article 1, paragraph 2, header, sub a and conclusion, of the decree).”
2 . Proceedings before the Enterprise Division of the Court of Appeal of Amsterdam
22. On 4 March 2013 the Minister of Finance lodged a request with the Enterprise Division ( Ondernemingskamer ) of the Court of Appeal ( gerechtshof ) of Amsterdam (hereafter “the Enterprise Division”) asking for the compensation to be paid out to the former holders of the expropriated shares and bonds to be set at zero.
23. The Enterprise Division gave an interlocutory decision on 11 July 2013. Considering it likely that the offer made by the Minister of Finance was inadequate, it ordered an expert report to be drawn up.
3 . Proceedings before the Supreme Court
24. It was announced on 5 August 2013 that the Netherlands State had lodged an appeal on points of law ( cassatie ) against the decision of the Enterprise Division. Proceedings are currently pending before the Supreme Court ( Hoge Raad ).
D . Relevant domestic law
1. Statutory provisions governing special measures regarding the stability of the financial system
25. Provisions relevant to the case were inserted into the Financial Supervision Act by the Act of 24 May 2012, Staatsblad (Official Bulletin) 2012, no. 241 (often referred to as the “Intervention Act”) under the heading “ Special measures regarding the stability of the financial system ”.
26. As relevant to the case now before the Court, the Government ’ s powers to act are defined as follows (translation published by the Government):
“ CHAPTER 6.1. GENERAL
Section 6:1
1. If he holds that the stability of the financial system is gravely and immediately endangered by the situation in which a financial corporation having its registered office in the Netherlands finds itself, Our Minister [i.e. the Minister of Finance] has power, with a view to the stability of that system, to take immediate measures in respect of the corporation concerned, where necessary in departure from statutory stipulations or provisions under articles of association except for the rules set in or under this Part.
2. Our Minister shall consult [DNB] before taking a measure as referred to in subsection (1). The decision shall be taken in agreement with Our Prime Minister, ...
3. Where necessary, Our Minister shall provide for the consequences of the measures taken by him and shall determine the period of validity of such measures. Our Minister has power to extend this period of validity by means of a separate decision.
4. Without prejudice to the provisions of section 6:6, a measure taken in pursuance of subsection (1) cannot be undone by the corporation concerned or by any third party. Any decision to that end shall be null and void.
Section 6:2
1. If he holds that the stability of the financial system is gravely and immediately endangered by the situation in which a financial corporation having its registered office in the Netherlands finds itself, Our Minister has power, with a view to the stability of that system, to decide to expropriate assets of the corporation concerned or to expropriate securities issued by or with the cooperation of that corporation, where necessary in departure from statutory stipulations or provisions under articles of association except for the rules set in or under this Part.
2. Our Minister shall consult [DNB] before taking a decision to expropriate. The decision shall be taken in agreement with Our Prime Minister, ...
3. A decision to expropriate shall state the time when it enters into force. Ownership of the assets or securities to be expropriated passes at the time of entry into force of the decision. Without prejudice to the provisions of section 3:41 of the General Administrative Law Act, the decision shall be announced in the Staatscourant (Government Gazette).
4. The decision to expropriate may provide that the assets or securities to be expropriated shall be expropriated in the name of a legal entity under private law with full legal capacity designated in that decision.
5. Our Minister shall provide for the consequences of the expropriation.
6. An asset or security expropriated pursuant to subsection (1) shall pass unencumbered to the State of the Netherlands or the legal entity designated pursuant to subsection (4). Expropriation pursuant to subsection (1) of securities issued by or with the cooperation of the corporation concerned renders any and all entitlements to new securities of that class null and void.
7. The Expropriation Act ( Onteigeningswet ) shall not apply to expropriations pursuant to subsection (1).
Section 6:4
1. An immediate measure taken in pursuance of section 6:1 may also target the parent company having its registered office in the Netherlands of the financial corporation concerned.
2. A decision taken in pursuance of section 6:2 may, if the financial corporation concerned has a parent company having its registered office in the Netherlands, also provide for expropriation of assets of the parent company or expropriation of securities issued by or with the cooperation of that parent company. ”
27 . As relevant to the case now before the Court, the relevant procedure is set out as follows (translation published by the Government):
“ CHAPTER 6.2. LEGAL PROTECTION
Section 6:6
1. ... [A] n interested party may appeal from a decision taken in pursuance of section 6:1 or 6:2 to the Administrative Law Division ( Afdeling bestuursrechtspraak ) of the Council of State ( Raad van State ).
...
Section 6:7
1. Notwithstanding the provisions of section 6:7 of the General Administrative Law Act ( ... ), the period for lodging an appeal shall be ten days. Section 7:1 of that Act shall not apply.
2. Notwithstanding the provisions of section 8:41(2) [1] of the General Administrative Law Act ( ... ), the period within which the court registry fee due must be transferred or deposited shall be two weeks. The Chairperson of the Division has power to set a shorter period.
3. Division shall hear the case subject to the provisions of Part 8.2.3 of the General Administrative Law Act ( ... ). Part 8.2.4 of that Act shall not apply.
4. A copy of the notice of appeal shall be sent to Our Minister forthwith. Section 8:58 of the General Administrative Law Act ( ... ) shall apply mutatis mutandis , with the proviso that further documents may be submitted until one day before the hearing.
5. The Division shall pronounce its ruling no later than fourteen days of the date of receipt of the notice of appeal. If, subject to the provisions of section 8:14(1) of the General Administrative Law Act ( ... ), two or more cases are consolidated, the Division shall pronounce its ruling no later than on the fourteenth day after the date of receipt of the notice of appeal received last.
6. The Chairperson of the Division shall notify the parties of the ruling forthwith.”
2. The General Administrative Law Act
28. Provisions of the General Administrative Law Act relevant to the case are the following:
a. Applicable provisions
Section 8:29
“1. Parties who are obliged to give information or submit documents can, if there are weighty reasons ( gewichtige redenen ) to do so, refuse to give information or submit documents or inform the administrative tribunal that it alone shall be allowed to inspect the information or the documents as the case may be.
2. For an administrative body, there shall in any case be no weighty reasons in so far as there would be an obligation pursuant to the Government Information (Public Access) Act ( Wet Openbaarheid van Bestuur ) to accede to a request for information contained in the documents to be submitted.
3. The administrative tribunal shall decide whether the refusal or restriction on inspection referred to in the first paragraph is justified.
4. If the administrative tribunal has decided that the refusal is justified, the obligation shall no longer exist.
5. If the administrative tribunal has decide d that the restriction on inspection is justified, it can only give judgment based also on that information or those documents with the permission of the other parties. If such permission is refused, the case shall be remitted to a different chamber.”
and
Part 8.2.3
Accelerated treatment
Section 8:52
“1. The administrative tribunal can, if the case is urgent, determine that it shall be given accelerated treatment .
2. In that case, the administrative tribunal can:
a. shorten the time-limit referred to in section 8:41(5) [for payment of the court registration fee];
b. shorten the time-limit referred to in section 8:4 2 ( 1 ) [for the administrative body to submit a written statement of defence];
...
f . shorten the time-limit referred to in section 8: 58 (1) [ for parties to submit further documents before the hearing]
2. If the administrative tribunal decides that the case shall be given accelerated treatment, it shall also set the case down for hearing as soon as possible and inform the parties accordingly without delay. Section 8:56 shall not apply.”
b. Provisions derogated from by , or pursuant to, section 6:7 of the Financial Supervision Act
i. Provisions derogated from by section 6:7 of the Intervention Act itself
29. Section 6:7 of the General Administrative Law Act provides that the time-limit for lodging an appeal shall be six weeks. Section 7:1 provides, inter alia , that an objection ( bezwaar ) must have been lodged before an appeal is brought.
30 . Part 8.2.4 of the Administrative Law Act, entitled “Simplified treatment”, makes provision for the early termination of proceedings if continued examination of the case is unnecessary. The reason can be that the administrative tribunal manifestly lacks jurisdiction, or that the appeal is manifestly inadmissible, manifestly ill-founded or manifestly well-founded.
ii. Provisions derogated from by Part 8.2.3 of the General Administrative Law Act pursuant to section 6:7 of the Financial Supervision Act
31. The court registry fee is normally due within four weeks after the Registrar of the administrative tribunal concerned has informed the appellant of the correct amount (section 8:41(5)).
32. The time-limit for the administrative body concerned to lodge a written statement of defence is normally four weeks (section 8:4(1)).
33. The time-limit for parties to submit further documents is normally ten days before the hearing (section 8:58(1)).
34. Parties are normally given three weeks ’ advance notice of hearings (section 8:56).
COMPLAINTS
A. Complaints under Article 6 § 1 of the Convention
35. All applicants except EBL Holding A/S ( application no. 49000/13 ) complain under Article 6 of the Convention about the proceedings before the Administrative Jurisdiction Division of the Council of State. Their complaints may be summarised as follows:
a) No notification of the expropriation was given to shareholders and bondholders individually, it being left to them to learn about it via the news media (Adorisio and Others, Brigade Distressed Value Master Fund Ltd. and Others);
b) The time-limit for lodging an appeal, only ten days, was far too short, especially for applicants resident abroad (Adorisio and Others, Brigade Distressed Value Master Fund Ltd. and Others , Intégrale Gemeenschappelijke Verzekeringskas);
c) The Minister of Finance ’ s statement of defence was lodged late in the afternoon on the day before the hearing, and an adjournment of the hearing was refused (Adorisio and Others , Brigade Distressed Value Master Fund Ltd. and Others, Intégrale Gemeenschappelijke Verzekeringskas ) ;
d) Time allowed for the delivery of the Administrative Jurisdiction Division ’ s judgment was too short, which meant rushing the hearing (Adorisio and Others);
e) Access to the reports by Ernst & Young and Cushman & Wakefield had been restricted for the applicants, but not for the Minister of Finance (Adorisio and Others, Brigade Distressed Value Master Fund Ltd. and Others, Intégrale Gemeenschappelijke Verze keringskas);
f) Proceedings for compensation were separated from the proceedings for testing the lawfulness of the expropriation itself ( Brigade Distressed Value Master Fund Ltd. and Others , Intégrale Gem eenschappelijke Verzekeringskas);
g) Administrative proceedings which had been brought against DNB ’ s SREP decision had become devoid of purpose as a result of the expropriation decision (Intégrale Gemeenschappelijke Verzekeringskas).
B. Complaints under Article 1 of Protocol No. 1
36. All applicants complain under Article 1 of Protocol No. 1 to the Convention. Their complaints may be summarised as follows:
a) The interference with their property rights had not met the applicable standards of lawfulness, for the following reasons:
i) Domestic law did not prescribe with sufficient precision when the Minister of Finance would act as he had done in the in stant case (Adorisio and Others );
ii) The Minister ’ s discretion to remove ownership from shareholders and subordinated bondholders was not sufficiently defined (Adorisio and Others, Intégrale Gemeenschappelijke Verzekeringskas);
iii) Procedural guarantees were insufficient, as was borne out by the violations of Article 6 § 1 alleged (Adorisio and Others, Brigade Distressed Value Master Fund Ltd. and Others)
iv) General principles of international law were not complied with in that compensation was not “prompt, adequate and effective”, as international law required at least in relation to the applicants who were foreign nationals (Brigade Distressed Value Master Fund Ltd. and Others).
b) The expropriation did not ser ve a genuine “public interest”:
i) It could not be established that SNS Reaal was doing as badly as the Government alleged (Adorisio and Others, Brigade Distressed Value Master Fund Ltd. and Others);
ii) The purpose of the expropriation was to spare the other Netherlands banks the expense of meeting the cost of the Deposit Guarantee Scheme and the resulting downgrading and loss of confidence, and in addition to spare the Government loss of confidence (Adorisio and Others);
iii) It was not established that no alternative avenues were open to the Government (Adorisio and Others, Brigade Distressed Value Master Fund Ltd. and Others);
c) Compensation offered was grossly insufficient and therefore disproportionate (all applicants).
C. Complaint under Article 13 of the Convention
37. Brigade Distressed Value Master Fund Ltd. and Others complain under Article 13, without naming any connected Article, that the Administrative Jurisdiction Division failed to set aside the expropriation decree.
Loading citations...D. Complaint under Article 14 of the Convention taken together with Article 1 of Protocol No. 1
38. EBL Holding A/S complained under Article 14 of the Convention taken together with Article 1 of Protocol No. 1 that the expropriation of subordinated bonds affected only non-Netherlands nationals like itself.
THE LAW
A. Joinder of the applications
39. The Court considers that the applications should be joined (Rule 42 § 1 of the Rules of Court), with the exception of application no. 49000/13, EBL Holding A/S v. the Netherlands . The latter application is inadmissible in its entirety as will appear below.
B . Complaints under Article 6 § 1 of the Convention
1. Complaints to be communicated
40. All applicants except EBL Holding A/S complain under Article 6 § 1 of the Convention, which, in its relevant part, provides as follows:
“In the determination of his civil rights and obligations ... everyone is entitled to a fair ... hearing ... by [a] ... tribunal ...”
41. These applicants complain, essentially, that the proceedings before the Administrative Jurisdiction Division were conducted with excessive haste, which prevented them from defending their interests properly. In particular, the time-limit for lodging an appeal with the Administrative Jurisdiction Division, only ten days, impeded access to a court especially for applicants resident abroad. The applicants Adorisio and Others complain in addition that the transmission of the Minister ’ s statement of defence, which ran to 105 pages, late in the afternoon before the hearing, coupled with the Administrative Jurisdiction Division ’ s refusal to adjourn its hearing even for the week-end, made adequate preparation for the hearing impossible.
42. All these applicants also complain that the reports by Ernst & Young and Cushman & Wakefield were not released to them complete, the Administrative Jurisdiction Division having allowed parts of them to be withheld.
43. The Court considers that it cannot, on the basis of the case file, determine the admissibility of these complaints and that it is therefore necessary, in accordance with Rule 54 § 2 (b) of the Rules of Court, to give notice of this part of the application to the respondent Government.
2. Remaining complaints under Article 6 § 1 of the Convention
44. The applicants complain variously that the shareholders and bondholders affected by the expropriation were not given prior individual notification; that an administrative objection brought against the DNB ’ s SREP decision was not pursued to a conclusion; that the proceedings to determine compensation were separated from those concerning the lawfulness of the expropriation; that the time allowed each of them at the Administrative Jurisdiction Division ’ s hearing was too limited; and that the length of the compensation proceedings was likely to be excessive.
45. However, in the light of all the material in its possession, and in so far as the matters complained of are within its competence, the Court finds that they do not disclose any appearance of a violation of the rights and freedoms set out in the Convention or its Protocols.
It follows that these complaints are manifestly ill-founded and must be rejected in accordance with Article 35 §§ 3 (a) and 4 of the Convention.
C . Complaints under Article 1 of Protocol No. 1
46. All applicants complain that they have been deprived of their possessions in violation of Article 1 of Protocol No. 1, which provides as follows:
“Every natural or legal person is entitled to the peaceful enjoyment of his possessions. No one shall be deprived of his possessions except in the public interest and subject to the conditions provided for by law and by the general principles of international law.
The preceding provisions shall not, however, in any way impair the right of a State to enforce such laws as it deems necessary to control the use of property in accordance with the general interest or to secure the payment of taxes or other contributions or penalties.”
47. The Court notes at the outset that proceedings relating to compensation are currently pending before the Supreme Court. Several applicants point out, however, that the decision to nationalise has become final and binding, having been approved by the decision of the Administrative Jurisdiction Division of 25 February 2013. They argue on that ground that domestic remedies have been exhausted as regards the lawfulness of the expropriation per se , even though the proceedings regarding compensation remain pending.
48. In assessing compliance with Article 1 of Protocol No. 1, the Court must make an overall examination of the various interests in issue, bearing in mind that the Convention is intended to safeguard rights that are “practical and effective”. It must look behind appearances and investigate the realities of the situation complained of. That assessment may involve not only the relevant compensation terms – if the situation involves, or is akin to , the taking of property – but also the conduct of the parties, including the means employed by the State and their implementation (see Broniowski v. Poland (dec.) [GC], no. 31443/96 , § 151 , ECHR 2002 ‑ X ; see also, inter alia and mutatis mutandis , Former King of Greece and Others v. Greece [GC], no. 25701/94, § 89 , ECHR 2000 ‑ XII ; and Jahn and Others v. Germany [GC], nos. 46720/99, 72203/01 and 72552/01, § 94 , ECHR 2005 ‑ VI ) . As in the case of Lithgow and Others , the Court considers that it would be artificial in the present case to divorce the decision as to the compensation terms from the actual decision to expropriate , since the factors influencing the latter will of necessity also influence the former (see Lithgow and Others v. the United Kingdom , 8 July 1986, § 122, Series A no. 102 ) .
49. It follows that the applicants ’ complaints under this head are premature and must be rejected under Article 35 §§ 1 and 4 of the Convention for non-exhaustion of domestic remedies.
D . Complaints under Article 14 of the Convention taken together w ith Article 1 of Protocol No. 1
50. Under Article 14 taken together with Article 1 of Protocol No. 1 the applicant EBL Holding A/S complains that the expropriation of bonds affected only foreign nationals, not Netherlands nationals. Article 14 of the Convention provides as follows:
“The enjoyment of the rights and freedoms set forth in [the] Convention shall be secured without discrimination on any ground such as sex, race, colour, language, religion, political or other opinion, national or social origin, association with a national minority, property, birth or other status.”
51. The Court cannot find it established that this applicant ’ s assertion is accurate. It appears that a proportion of bondholders whose bonds were expropriated as set out above were in fact Netherlands nationals (see paragraph 20 above).
52. It follows that this complaint is manifestly ill-founded and must be rejected in accordance with Article 35 §§ 3 (a) and 4 of the Convention.
E . Complaint under Article 13 of the Convention
53. Brigade Distressed Value Master Fund Ltd. and Others complain under Article 13, without naming any connected Article, that the Administrative Jurisdiction Division failed to set aside the expropriation decree. Article 13 of the Convention provides as follows:
“Everyone whose rights and freedoms as set forth in [the] Convention are violated shall have an effective remedy before a national authority notwithstanding that the violation has been committed by persons acting in an official capacity.”
54. Although t he claim of the applicant s was rejected, this fact alone cannot establish that the remedy was ineffective (see, among many other authorities, Swedish Engine Drivers ’ Union v. Sweden , 6 February 1976, § 50 , Series A no. 20 ; Pine Valley Developments Ltd and Others v. Ireland , 29 November 1991, § 66 , Series A no. 222 ; and De Souza Ribeiro v. France [GC], no. 22689/07, § 79 , ECHR 2012 ). It follows that this complaint is manifestly ill-founded and must be rejected in accordance with Article 35 §§ 3 (a) and 4 of the Convention.
For these reasons, the Court unanimously
Declares inadmissible a pplication no. 49000/13, EBL Holding A/S v. the Netherlands ;
Decides to join the remaining applications;
Decides to adjourn the examination of the remaining applicants ’ complaints under Article 6 § 1 of the Convention that the ten-day time-limit for appealing to the Admin i strative Jurisdiction Division was too short ; that there was insufficient time to study the Minister of Finance ’ s statement of defence ; and that the applicants were given access to incomplete versions of the reports by Ernst & Young and Cushman & Wakefield;
Declares the remainder of the applications inadmissible.
Marialena Tsirli Josep Casadevall Deputy Registrar Presiden t
Appendix
Application no. 47315/13
N o .
Firstname LASTNAME
Birth date
Birth year
Nationality
Place of residence
Representative
Attilio MALATESTA
01/01/1957
1957Italian
Squinzano
F. SCIAUDONE
Stefania ADORISIO
26/12/1958
1958Italian
Roma
F. SCIAUDONE
Enrico BENCINI
04/03/1957
1957Italian
Roma
F. SCIAUDONE
Giuseppina CIULLI
09/01/1942
1942Italian
Roma
F. SCIAUDONE
Enrica CORINI
16/01/1937
1937Italian
Roma
F. SCIAUDONE
Piero RICCA
06/07/1948
1948Italian
Roma
F. SCIAUDONE
Alessandro ALMANZA
25/06/1971
1971Italian
Roma
F. SCIAUDONE
Alberto ALPI
21/03/1958
1958Italian
Borgo Tossignano
F. SCIAUDONE
Alessandro ANTEI
19/08/1952
1952Italian
Roma
F. SCIAUDONE
Daniela GIUSTI
15/01/1956
1956Italian
Roma
F. SCIAUDONE
Marco ANZANI
15/06/1963
1963Italian
Chiuro
F. SCIAUDONE
Giorgio ARIA
26/06/1957
1957Italian
Torino
F. SCIAUDONE
Claudia MATTIOTTO
11/07/1965
1965Italian
Druento
F. SCIAUDONE
Franscesco ARMANO
10/10/1960
1960Italian
San Salvatore Monferrato
F. SCIAUDONE
Mauro ARNOLDI
18/03/1982
1982Italian
Mozzo
F. SCIAUDONE
Alberto AZZONI
06/06/1965
1965Italian
Lecco
F. SCIAUDONE
Sergio BALDI
07/07/1940
1940Italian
Prato
F. SCIAUDONE
Vincenzo BARBA
21/06/1956
1956Italian
Roma
F. SCIAUDONE
Tiziana BARCELLA
28/06/1957
1957Italian
Orio Al Serio
F. SCIAUDONE
Piero BASSO
21/04/1956
1956Italian
Borgio Verezzi
F. SCIAUDONE
Fabio BATTINI
19/05/1979
1979Italian
Carpi
F. SCIAUDONE
Francesco BAZZANI
05/01/1940
1940Italian
Sanguinetto
F. SCIAUDONE
Giovanni BAZZANI
22/02/1964
1964Italian
Gazzo Veronese
F. SCIAUDONE
Natalina DE FANTI EDA
22/12/1938
1938Italian
Sanguinetto
F. SCIAUDONE
Marco BERNARDESCHI
15/10/1974
1974Italian
Firenze
F. SCIAUDONE
Anna Maria BESTETTI
27/02/1953
1953Italian
Buccinasco
F. SCIAUDONE
Serafino GIBERTINI
22/12/1951
1951Italian
Buccinasco
F. SCIAUDONE
Mirella BOCCHI
21/07/1946
1946Italian
Cremona
F. SCIAUDONE
Alessandro NOLLI
18/08/1946
1946Italian
Cremona
F. SCIAUDONE
Tullo BENAGLIA
16/06/1951
1951Italian
Calestano
F. SCIAUDONE
Francesco BERTINATO
21/09/1977
1977Italian
Bologna
F. SCIAUDONE
Federico Giulio Angelo BERTOLINI
20/11/1963
1963Italian
Milano
F. SCIAUDONE
Olga Enrica BIANCHI
16/07/1936
1936Italian
Milano
F. SCIAUDONE
Antonio Edoardo BERTOLINI
28/08/1932
1932Italian
Milano
F. SCIAUDONE
Raffaella BIANCANIELLO
24/04/1956
1956Italian
Seregno
F. SCIAUDONE
Anthony Gad BIGIO
04/06/1951
1951American
Bethesda
F. SCIAUDONE
Tommaso BISSOLI
05/12/1958
1958Italian
Verona
F. SCIAUDONE
Ciro BORRELLI
17/02/1938
1938Italian
Napoli
F. SCIAUDONE
Maria Rosaria PEZZANO
15/10/1939
1939Italian
Napoli
F. SCIAUDONE
Marzia BRAMBILLA
17/02/1969
1969Italian
Agrate Brianza
F. SCIAUDONE
Fausta BRIGHENTI
05/10/1956
1956Italian
Modena
F. SCIAUDONE
Cristian Ion BORCEA
08/07/1947
1947Romanian
Cattolica
F. SCIAUDONE
Claudio BORGHI
06/06/1970
1970Italian
Milano
F. SCIAUDONE
Sandro BOSCOLO BRAGADIN
07/03/1963
1963Italian
Chioggia
F. SCIAUDONE
Piermauro BROLETTI
23/11/1941
1941Italian
Bergamo
F. SCIAUDONE
Roberto BRUNELLO
19/08/1944
1944Italian
Piverone
F. SCIAUDONE
Boicio Lavor BOICEFF
21/02/1974
1974Italian
Terni
F. SCIAUDONE
Mario BOSIO
14/07/1955
1955Italian
Leffe
F. SCIAUDONE
Fernando CALFA
17/09/1968
1968Italian
Torino
F. SCIAUDONE
Vittorio CALFA
21/08/1935
1935Italian
Torino
F. SCIAUDONE
Maria Grazia ROCCHI
21/09/1934
1934Italian
Torino
F. SCIAUDONE
Flavio Angelo CANTÙ
17/08/1957
1957Italian
Milano
F. SCIAUDONE
Alessandro RIGGI
21/07/1998
1998Italian
Roma
F. SCIAUDONE
Fabio ROSSI
18/05/1943
1943Italian
Borgo Carso
F. SCIAUDONE
Alessandra CARCHELLA
28/07/1958
1958Italian
Grottaferrata
F. SCIAUDONE
Alfonso CARPI
21/08/1943
1943Italian
Roma
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Luciana CARRARA
27/06/1948
1948Italian
Bergamo
F. SCIAUDONE
Silvia CATTANEO
25/08/1948
1948Italian
Mozzo
F. SCIAUDONE
Stefano CATTANI
29/10/1959
1959Italian
Parma
F. SCIAUDONE
Sabrina FERRARI
06/11/1969
1969Italian
Parma
F. SCIAUDONE
Dario CAPILLUPO
01/03/1958
1958Italian
Pedrengo
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Davide CELLI
12/11/1966
1966Italian
Rimini
F. SCIAUDONE
Luisa GAVIRAGHI
27/05/1962
1962Italian
Agrate Brianza
F. SCIAUDONE
Paolo CERUTI
06/04/1961
1961Italian
Agrate Brianza
F. SCIAUDONE
Edoardo Mario CIOTTI
27/07/1968
1968Italian
Bologna
F. SCIAUDONE
Elena CIOTTI
13/02/1972
1972Italian
Torino
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Agnese Silvia CATTORI
15/04/1941
1941Swiss
Torino
F. SCIAUDONE
Antonio VEDOVATO
24/02/1947
1947Italian
Bergamo
F. SCIAUDONE
Carlo CHIAPPONI
13/09/1977
1977Italian
Borgonovo Val Tidone
F. SCIAUDONE
Remo MARIANI
05/09/1959
1959Italian
Granarolo dell ’ Emilia
F. SCIAUDONE
Alberto COGNIGNI
06/10/1949
1949Italian
Porto S. Elpidio
F. SCIAUDONE
Silvano Paolo CABIATI
06/09/1947
1947Italian
Biassono
F. SCIAUDONE
Luciana COLOMBO
04/03/1948
1948Italian
Biassono
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Andrea CONZ
15/08/1964
1964Italian
Castelfranco Veneto
F. SCIAUDONE
Donata TONETTO
24/11/1957
1957Italian
Moriago della Battaglia
F. SCIAUDONE
Silvano CORAZZIN
06/11/1953
1953Italian
Moriago della Battaglia
F. SCIAUDONE
Gerardo CORNETTA
10/02/1937
1937Italian
Salerno
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Gerarda VEGLIANTE
16/08/1946
1946Italian
Salerno
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Davide DALL ’ AGATA
23/03/1973
1973Italian
Forlì
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Maria Serena D ’ ANGELO
26/11/1944
1944Italian
Roma
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Carlo CROCELLA
13/05/1942
1942Italian
Roma
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Enrico DETOMA
21/03/1975
1975Italian
Biella
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Luca DEZZANI
09/05/1973
1973Italian
Milano
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Silvia MEDICI
22/03/1968
1968Italian
Milano
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Piero DI MARCO
23/08/1960
1960Italian
Pennapiedemonte
F. SCIAUDONE
Cristina MOZZAMBANI
03/05/1966
1966Italian
Buttapietra
F. SCIAUDONE
Barbara MOZZAMBANI
05/02/1965
1965Italian
San Martino Buon Albergo
F. SCIAUDONE
Raffaele DUINO
24/11/1965
1965Italian
San Martino Buon Albergo
F. SCIAUDONE
Alessio D ’ URZO
05/02/1975
1975Italian
Napoli
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Anna IANNIELLO
20/10/1936
1936Italian
Afragola
F. SCIAUDONE
Giuseppe ESPERO
02/01/1937
1937Italian
Afragola
F. SCIAUDONE
Vincenzo FABBIO
12/08/1964
1964Italian
Napoli
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Enrico FABBRO
01/11/1951
1951Italian
Buia
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Marco FALCONI
25/07/1975
1975Italian
Acqualagna
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Mirella FASSI
06/01/1944
1944Italian
Albino
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Francesco VILLARI
12/04/1939
1939Italian
Albino
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Dario FARINA
26/05/1962
1962Italian
Bologna
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Iana Orsini STAGIONI
17/10/1959
1959Italian
Bologna
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Luigi FELICI
09/07/1936
1936Italian
Roma
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Petro FELICIOTTI
15/06/1982
1982Italian
Porto Recanati
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Giampiero FERRELI
30/11/1944
1944Italian
Cagliari
F. SCIAUDONE
Giuliana VERROCCHIO
27/03/1948
1948Italian
Cagliari
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Daniela GAZZANIGA
26/08/1970
1970Italian
Roma
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Ortensia FLORIO
03/07/1941
1941Italian
Roma
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Daniela FONTANA
29/02/1948
1948Italian
Milano
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Francesco ROSSI
15/01/1947
1947Italian
Milano
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Bartolomeo FORZANO
14/06/1955
1955Italian
Mondovì
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Patrizia CERRI
05/03/1958
1958Italian
Mondovì
F. SCIAUDONE
Mario FUCCI
07/05/1932
1932Italian
Sulmona
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Stefano GALASSI
09/01/1951
1951Italian
Roma
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Giuliana MARTARELLO
04/06/1954
1954Italian
Roma
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Gianfranco GAMBA
26/12/1948
1948Italian
Gazzaniga
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Maria PEZZOLI
28/08/1949
1949Italian
Gazzaniga
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Giada GASPERINI
29/06/1983
1983Italian
Roma
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Maria Grazia GASPERINI
17/11/1957
1957Italian
Roma
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Giovanni CANFORA
06/03/1950
1950Italian
Roma
F. SCIAUDONE
Maria CANFORA
25/02/1953
1953Italian
Civita Castellana
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Felicita CECCONI
11/04/1943
1943Italian
Roma
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Maurizio CASTAGNA
02/04/1942
1942Italian
Roma
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Luigi GATTI
05/05/1957
1957Italian
Seregno
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Pierluigi GENTILIN
21/03/1964
1964Italian
Biella
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Paolo GENTILIN
06/02/1967
1967Italian
Sandigliano
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Artemio GENTILIN
19/04/1930
1930Italian
Sandigliano
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Stefano GENTILINI
22/11/1969
1969Italian
Castel Bolognese
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Silvia GIGLI
29/10/1928
1928Italian
Ancona
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Fausto GIORGETTI
26/11/1954
1954Italian
Montepulo
F. SCIAUDONE
Mila MANNELLI
05/12/1957
1957Italian
Montepulo
F. SCIAUDONE
Marco GIUNTA
25/06/1960
1960Italian
Bassano del Grappa
F. SCIAUDONE
Diana GIULIANI
15/05/1967
1967Italian
Roma
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Pietro Lelio GIULIANI
25/10/1931
1931Italian
Civita Castellana
F. SCIAUDONE
Iracema COSTANTINI
15/05/1936
1936Brazilian
Civita Castellana
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Paola GIULIANI
06/07/1959
1959Italian
Roma
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Giovanni GUERZONI
12/11/1958
1958Italian
Roma
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Gianluigi GELMI
31/01/1968
1968Italian
Cazzano Sant ’ Andrea
F. SCIAUDONE
Ornella GELMI
08/06/1964
1964Italian
Gandino
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Gian Marco GHIBAUDO
19/10/1968
1968Italian
Borgo San Dalmazzo
F. SCIAUDONE
Caterina RABBIA
19/04/1939
1939Italian
Borgo San Dalmazzo
F. SCIAUDONE
Sergio GOLLINI
19/10/1969
1969Italian
Casalecchio di Reno
F. SCIAUDONE
Marco GOTTIFREDI
11/10/1977
1977Italian
Dervio
F. SCIAUDONE
Daniela GIUFFREDI
08/02/1955
1955Italian
Parma
F. SCIAUDONE
Gianna GUIDOBONI
09/07/1938
1938Italian
Bergamo
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Fernando MORELLI
21/11/1936
1936Italian
Bergamo
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Luisella CARRARA
29/03/1950
1950Italian
Lovere
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Roberto CARRARA
06/02/1948
1948Italian
Bergamo
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Maria GUARNIERI
03/10/1935
1935Italian
Roma
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Silvana BOSIO
30/05/1947
1947Italian
Gazzaniga
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Luigi MENI
26/05/1944
1944Italian
Gazzaniga
F. SCIAUDONE
Clemente CIACERI
07/12/1967
1967Italian
Scansano
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Fabrizio ROCCHI
06/07/1953
1953Italian
Zanica
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Ugo FRANZONI
17/10/1964
1964Italian
Palosco
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Gianluca GUISO
16/09/1987
1987Italian
Oliena
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Fabrizio Marco KOFLER
02/03/1964
1964Italian
Milano
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Eliana IODICE
12/05/1945
1945Italian
Palermo
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Antonino BERTOLINO
14/04/1945
1945Italian
Palermo
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Angelo LAUDIERO
07/09/1954
1954Italian
Afragola
F. SCIAUDONE
Marco LEONE
31/10/1961
1961Italian
Roma
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Antonella SALVATORI
16/02/1969
1969Italian
Roma
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Samantha LOSCO
25/03/1975
1975Italian
Avellino
F. SCIAUDONE
Gianluca MARANGONI
02/07/1976
1976Italian
Verona
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Aldo MAGGI
14/07/1955
1955Italian
Albino
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Carmelina Maria MANDUCA
11/05/1949
1949Italian
Guidonia
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Paolo MANGILI
04/03/1965
1965Italian
Nembro
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Dalila SUARDI
30/09/1968
1968Italian
Nembro
F. SCIAUDONE
Eliseo MACCONI
03/10/1951
1951Italian
Bergamo
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Enzo Lazzaro MAPELLI
12/12/1957
1957Italian
Brembate
F. SCIAUDONE
Franco MAPELLI
11/12/1945
1945Italian
Grezzago
F. SCIAUDONE
Adriana MAPELLI
26/02/1944
1944Italian
Grezzago
F. SCIAUDONE
Giuseppe MARCHETTI
19/03/1971
1971Italian
Roma
F. SCIAUDONE
Remo MARIANI
05/09/1959
1959Italian
Granarolo dell ’ Emilia
F. SCIAUDONE
Ermelinda FRAMBATI
12/06/1963
1963Italian
Granarolo dell ’ Emilia
F. SCIAUDONE
Maria Assunta MARZOTTI
17/08/1964
1964Italian
Roma
F. SCIAUDONE
Angelo MARTINELLI
17/08/1954
1954Italian
Modena
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Paolo Umberto MARTINELLI
18/09/1988
1988Italian
Modena
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Claudio Giovanni MARTINELLI
27/11/1990
1990Italian
Modena
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Stefano MASSAI
23/10/1982
1982Italian
Campi Bisenzio
F. SCIAUDONE
Simonetta MAZZONI
20/05/1959
1959Italian
Casalecchio di Reno
F. SCIAUDONE
Oscar MAZZOLENI FERRACINI
30/03/1951
1951Italian
Bergamo
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Alessandro MEDOLAGO
04/07/1929
1929Italian
Bergamo
F. SCIAUDONE
Matteo MIARI
22/10/1981
1981Italian
Sassuolo
F. SCIAUDONE
Danilo MOLDUCCI
01/06/1953
1953Italian
Campiano
F. SCIAUDONE
Stefano MOLDUCCI
25/09/1982
1982Italian
Castrocaro Terme e Terra del Sole
F. SCIAUDONE
Giovanni MOLINO
21/07/1952
1952Italian
Mareno di Piave
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Alberto MONDINI
18/04/1966
1966Italian
Costermano
F. SCIAUDONE
Daniele MONTELEONE
13/02/1931
1931Italian
Palermo
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Ornella MONTI
26/02/1945
1945Italian
Seregno
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Daria MOSCARDI
30/08/1936
1936Italian
Roma
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Anna Lucia MUSCARIDOLA
12/06/1956
1956Italian
Matera
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Raffaele NAPPO
13/03/1949
1949Italian
Castellammare di Stabia
F. SCIAUDONE
Marco Ambrogio Antonio NAVA
10/12/1957
1957Italian
Milano
F. SCIAUDONE
Giuliano NAZZARRO
14/07/1977
1977Italian
Roma
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Andrea NERI
06/02/1974
1974Italian
Montevarchi
F. SCIAUDONE
Massimo NERI
12/03/1955
1955Italian
Firenze
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Carla NODARI
11/04/1956
1956Italian
Leffe
F. SCIAUDONE
Germano PASSERINI
15/07/1966
1966Italian
Sassoferrato
F. SCIAUDONE
Marco PECETTO
13/04/1962
1962Italian
Torino
F. SCIAUDONE
Emanuela SUSA
18/01/1962
1962Italian
Torino
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Manuele PIANCA
22/10/1970
1970Italian
Alassio
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Gianmarco PIAZZA
17/07/1971
1971Italian
Faenza
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Francesca NASALVI
05/03/1971
1971Italian
Faenza
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Antonio PORFIRIO
03/09/1967
1967Italian
Roma
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Giuliana MACCALI
22/03/1954
1954Italian
Monza
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Bruno POZZI
11/04/1954
1954Italian
Monza
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Giuseppe QUERCI
21/09/1939
1939Italian
Campi Bisenzio
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Onelia PECCHIOLI
18/12/1940
1940Italian
Campi Bisenzio
F. SCIAUDONE
Luca RADICCHI
19/11/1971
1971Italian
Gubbio
F. SCIAUDONE
Maria Pia RAFFAELLI
25/05/1953
1953Italian
Bergamo
F. SCIAUDONE
Patrizia RAPANÀ
18/06/1962
1962Italian
Roma
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Antonella RASO
19/12/1958
1958Italian
Fondi
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Bruno RENZI
14/10/1949
1949Italian
Roma
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Maria Luisa DECISI
01/12/1959
1959Egyptian
Roma
F. SCIAUDONE
Luisa Giuseppina CHALLIER
14/12/1940
1940Italian
Segrate
F. SCIAUDONE
Bruno Battista REVELLI
26/07/1941
1941Italian
Segrate
F. SCIAUDONE
Alessandro ROCA
13/03/1971
1971Italian
Torino
F. SCIAUDONE
Franscesco ROCCO
01/01/1951
1951Italian
Afragola
F. SCIAUDONE
Luca RIMOLDI
04/06/1974
1974Italian
Busto Arsizio
F. SCIAUDONE
Luigi ROMENTI
05/06/1960
1960Italian
San Nicolò a Trebbia
F. SCIAUDONE
Marina MEREGALLI
19/05/1964
1964Italian
Usmate Velate
F. SCIAUDONE
Carmelo ROSSI
11/01/1963
1963Italian
Usmate Velate
F. SCIAUDONE
Armanda RUGGERI
11/06/1937
1937Italian
Bergamo
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Fabio SACCOMANDI
14/03/1963
1963Italian
Torino
F. SCIAUDONE
Zaccaria SALA
02/12/1985
1985Italian
Nembro
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Mario SALA
22/06/1947
1947Italian
Nembro
F. SCIAUDONE
Laura Mazzoleni FERRACINI
02/08/1955
1955Italian
Nembro
F. SCIAUDONE
Nicola SALA
16/01/1980
1980Italian
Nembro
F. SCIAUDONE
Vito SALVATORE
28/07/1969
1969Italian
Vitulazio
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Rosaria ANDALORO
11/06/1955
1955Italian
Milazzo
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Antonio SCHIAVONE
22/05/1945
1945Italian
Cazzano Sant ’ Andrea
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Colomba ROTTIGNI
10/10/1943
1943Italian
Cazzano Sant ’ Andrea
F. SCIAUDONE
Ezio SCHIAVONE
26/10/1977
1977Italian
Cazzano Sant ’ Andrea
F. SCIAUDONE
Claudia BARDI
28/05/1964
1964Italian
Siena
F. SCIAUDONE
Franco STANGHELLINI
27/09/1955
1955Italian
Siena
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Antonino SEGRETO
01/01/1946
1946Italian
Palermo
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Angela PIRRERA
01/01/1948
1948Italian
Palermo
F. SCIAUDONE
Marco SEREGNI
14/01/1955
1955Italian
Milano
F. SCIAUDONE
Adriana STEFANONI
27/12/1943
1943Italian
Villa d ’ Alme ’
F. SCIAUDONE
Alberto KLUZER
26/02/1943
1943Italian
Villa d ’ Alme ’
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Tiziana STOPPANI
04/10/1961
1961Italian
Como
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Vincenzo TALLARICO
21/03/1975
1975Italian
Roma
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Alberto TARANTINI
05/04/1966
1966Italian
Roma
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Fabio TAVAZZI
15/12/1984
1984Italian
Padova
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Fernando TAVAZZI
17/08/1950
1950Italian
Padova
F. SCIAUDONE
Paola POLETTO
11/11/1954
1954Italian
Padova
F. SCIAUDONE
Alberto TERRANEO
12/12/1969
1969Italian
Carate Brianza
F. SCIAUDONE
Paolo TERENZIANI
30/06/1958
1958Italian
Parma
F. SCIAUDONE
Ada ZANICHELLI
31/10/1930
1930Italian
Sorbolo (PR)
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Camillo TERRUZZI
28/09/1949
1949Italian
Briosco
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Nadir Gualberto TERRUZZI
30/08/1977
1977Italian
Briosco
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Karen TERRUZZI
20/08/1982
1982Italian
Briosco
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Valentina TERRUZZI
31/05/1993
1993Italian
Verano Brianza
F. SCIAUDONE
Michele TOSI
30/06/1968
1968Italian
Ferrara
F. SCIAUDONE
Federica TRENTINI
18/09/1966
1966Italian
Modena
F. SCIAUDONE
Mauro F. ALLIEVI
12/10/1965
1965Italian
Modena
F. SCIAUDONE
Mario TREDICI
07/08/1966
1966Italian
Roma
F. SCIAUDONE
Aldo TREDICI
12/12/1924
1924Italian
Fara in Sabina
F. SCIAUDONE
Anna LUPI
27/07/1959
1959Italian
Fara in Sabina
F. SCIAUDONE
Adriana TREDICI
03/11/1919
1919Italian
Fara in Sabina
F. SCIAUDONE
Carla TREDICI
05/10/1956
1956Italian
Roma
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Roberta SORACE
04/07/1973
1973Italian
Roma
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Franca LONGHI
14/04/1946
1946Italian
Roma
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Mario TROISE
07/11/1968
1968Italian
Nepi
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Mario ARGENTIERI
08/04/1957
1957Italian
Roma
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Andrea TURCI
17/06/1967
1967Italian
Arona
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Riccardo UBICINI
06/10/1967
1967Italian
Faggeto Lario
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Dario VALENTE
09/07/1976
1976Italian
Bacoli
F. SCIAUDONE
Franscesca Romana VALLE
27/07/1986
1986Italian
Roma
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Andrea VALLONE
11/06/1988
1988Italian
Nettuno
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Umberto VALSECCHI
14/12/1976
1976Italian
Olginate
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Donato Leonardo VENTIMIGLIA
03/04/1948
1948Italian
Napoli
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Mimma CARUSO
02/03/1956
1956Italian
Napoli
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Gianluca VIGOLO
05/11/1973
1973Italian
Rubano
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Elena VILLARI
17/07/1970
1970Italian
Albino
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Antonio VILLARI
14/02/1977
1977Italian
Albino
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Luigi VISINONI
18/08/1956
1956Italian
Orio Al Serio
F. SCIAUDONE
Andrea VOCELLA
20/08/1968
1968Italian
Portogruaro
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Silvio VONA
03/03/1947
1947Italian
Salerno
F. SCIAUDONE
Franca Romana ZAPPIERI
09/07/1955
1955Italian
Milano
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Jacopo ZODO
03/04/1975
1975Italian
Treviso
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Maria Giovanna MALVESTIO
12/07/1947
1947Italian
Treviso
F. SCIAUDONE
Valerio ZOJA
28/07/1947
1947Italian
Milano
F. SCIAUDONE
Francesco TERENZIANI
13/04/1947
1947Italian
Parma
F. SCIAUDONE
Edda MAGNANI
07/05/1951
1951Italian
Parma
F. SCIAUDONE
Tiziana MARCELLI
20/10/1966
1966Italian
Roma
F. SCIAUDONE
Francesca AMICUZI
17/10/1929
1929Italian
Roma
F. SCIAUDONE
Mario MARCELLI
10/10/1962
1962Italian
Roma
F. SCIAUDONE
Maurizio AROSIO
23/11/1960
1960Italian
Desio
F. SCIAUDONE
Fabio Edoardo BALDUZZI
24/04/1970
1970Italian
Torino
F. SCIAUDONE
Giorgio BARBIERI
27/10/1951
1951Italian
Modena
F. SCIAUDONE
Giuseppe BERNAGOZZI
05/03/1962
1962Italian
Cento
F. SCIAUDONE
Riccardo BORIOLI
16/10/1950
1950Italian
Milano
F. SCIAUDONE
Carla BRAGANTI
16/11/1961
1961Italian
San Giustino
F. SCIAUDONE
Agostino CALIFANO
17/09/1969
1969Italian
Roccapiemonte
F. SCIAUDONE
Carmela CALIFANO
31/03/1927
1927Italian
Roccapiemonte
F. SCIAUDONE
Luca CAPPELLETTI
28/04/1970
1970Italian
Forlì
F. SCIAUDONE
Giuseppe CATALDO
01/10/1939
1939Italian
Roma
F. SCIAUDONE
Stefano CRISPO
26/12/1982
1982Italian
Varese
F. SCIAUDONE
Stefano D ’ ANDREA
03/11/1973
1973Italian
Ancona
F. SCIAUDONE
Paolo Vincenzo DELL ’ ORTO
24/05/1969
1969Italian
Vimercate
F. SCIAUDONE
Michela SIMONINI
10/07/1972
1972Italian
Vimercate
F. SCIAUDONE
Bruno DOMINICI
04/02/1966
1966Italian
Spoleto
F. SCIAUDONE
Francesco DONEDDU
04/12/1955
1955Italian
Sassari
F. SCIAUDONE
Luca FRANCESCHELLI
25/12/1972
1972Italian
Imola
F. SCIAUDONE
Carlo FILOMENA
27/04/1964
1964Italian
Martina Franca
F. SCIAUDONE
Davide FONTANA
29/06/1957
1957Italian
Bologna
F. SCIAUDONE
Michele GALLAZZI
14/10/1983
1983Italian
Olgiate Olona
F. SCIAUDONE
Davide GALLI
11/09/1969
1969Italian
Agrate Brianza
F. SCIAUDONE
Alberto GELATI
13/10/1961
1961Italian
La Spezia
F. SCIAUDONE
Loris GHELLER
01/08/1954
1954Italian
Bolzano Vicentino
F. SCIAUDONE
Alessandro GERMINI
30/05/1965
1965Italian
Roma
F. SCIAUDONE
Roberto GONZAGA
30/08/1967
1967Italian
Milano
F. SCIAUDONE
Antonio Bambino GUADALUPI
01/04/1963
1963Italian
Giugliano in Campania
F. SCIAUDONE
Karel ROSA
18/03/1971
1971Italian
Biella
F. SCIAUDONE
Gustavo Otto Alfredo KLAEBISCH
10/03/1967
1967Venezuelan
Pescara
F. SCIAUDONE
Joan DUMITRU
17/08/1965
1965Romanian
Vaprio D ’ adda
F. SCIAUDONE
Sergio LEONI
17/08/1951
1951Italian
Bernareggio
F. SCIAUDONE
Amerigo LORI
11/01/1948
1948Italian
Poggibonsi
F. SCIAUDONE
Renato MAINI
30/09/1967
1967Italian
Viserbella
F. SCIAUDONE
Fedelina MORDINI
19/08/1932
1932Italian
Modena
F. SCIAUDONE
Anna RENI
20/10/1969
1969Italian
Viserbella
F. SCIAUDONE
Mariarosa BARUZZI
24/10/1939
1939Italian
Biella
F. SCIAUDONE
Claudio MANFRIN
18/02/1975
1975Italian
SanthiÃ
F. SCIAUDONE
Vittorio MANFRIN
21/02/1937
1937Italian
Biella
F. SCIAUDONE
Maurizio MAMBRETTI
07/05/1973
1973Italian
Valbrona
F. SCIAUDONE
Roberta MAZZONI
12/11/1962
1962Italian
Bologna
F. SCIAUDONE
Giorgio MELE
19/11/1945
1945Italian
Caserta
F. SCIAUDONE
Francesco MELI
25/11/1966
1966Italian
Monasterolo del Castello
F. SCIAUDONE
Marcello RUSSO
27/07/1979
1979Italian
Roma
F. SCIAUDONE
Maria Teresa MESSINA
24/09/1950
1950Italian
Roma
F. SCIAUDONE
Pietro MINNI
24/12/1960
1960Italian
Roma
F. SCIAUDONE
Fabrizio SARTORI
11/01/1951
1951Italian
Roma
F. SCIAUDONE
Lorena SARTORI
15/10/1976
1976Italian
Roma
F. SCIAUDONE
Franscesco PACIUCCI
14/02/1944
1944Italian
Roma
F. SCIAUDONE
Wilhelmina Christina BLOKKER
26/11/1943
1943Dutch
Roma
F. SCIAUDONE
Dino PANGRAZZI
01/02/1948
1948Italian
Trento
F. SCIAUDONE
Massimiliano PARINI
13/01/1971
1971Italian
Corbetta
F. SCIAUDONE
Paula VILLALBA FABIANO
28/09/1969
1969Italian
Latina
F. SCIAUDONE
Patrizio PASSALACQUA
08/05/1972
1972Italian
Lugo
F. SCIAUDONE
Renato CASAROTTO
13/01/1953
1953Italian
Padova
F. SCIAUDONE
Massimiliano PECAR
19/01/1968
1968Italian
Trieste
F. SCIAUDONE
Giuseppe PETRINA
15/02/1948
1948Italian
Firenze
F. SCIAUDONE
Susanna PICINALI
29/05/1975
1975Italian
Albino
F. SCIAUDONE
Stefano VILLA
13/02/1970
1970Italian
Albino
F. SCIAUDONE
Enrico Roberto POLESE
30/11/1964
1964Italian
Torino
F. SCIAUDONE
Maria BORGOGNO
29/12/1964
1964Italian
Torino
F. SCIAUDONE
Alessandro CATALDO
06/05/1964
1964Italian
Roma
F. SCIAUDONE
Patrizia POPOLATO
02/01/1949
1949Italian
Roma
F. SCIAUDONE
Aldina RIZZARDI
31/05/1946
1946Italian
Seregno
F. SCIAUDONE
Rosa RICCIOLI
20/12/1940
1940Italian
Milano
F. SCIAUDONE
Sergio ROSSI
05/12/1953
1953Italian
Fabrica di Roma
F. SCIAUDONE
Antonio SCALZULLO
07/01/1962
1962Italian
Avellino
F. SCIAUDONE
Alberto SEGRE
05/06/1973
1973Italian
Biella
F. SCIAUDONE
Paola SEGRE
09/06/1969
1969Italian
Biella
F. SCIAUDONE
Gianfranco SEGRE
25/01/1942
1942Italian
Biella
F. SCIAUDONE
Stefano SONCINI
25/09/1968
1968Italian
Roma
F. SCIAUDONE
Gian Paolo TALPONE
28/05/1959
1959Italian
Zoagli
F. SCIAUDONE
Maria PEPICE
15/01/1955
1955Italian
Sirtori
F. SCIAUDONE
Maristella BRODESCO
20/12/1960
1960Italian
Quinto Vicentino
F. SCIAUDONE
Nicola TODESCATO
14/11/1965
1965Italian
Quinto Vicentino
F. SCIAUDONE
Fabio TORRI
19/05/1966
1966Italian
Formigine
F. SCIAUDONE
Roberto TOSCHI CORNELIANI
03/10/1973
1973Italian
Agrate Brianza
F. SCIAUDONE
Emilio VERGNANI
15/09/1938
1938Italian
Bagnolo in Piano
F. SCIAUDONE
Daniela PRANDO
14/07/1954
1954Italian
Padova
F. SCIAUDONE
Carmela DELL ’ ACQUA
23/08/1920
1920Italian
Firenze
F. SCIAUDONE
Francesco MALANDRINO
20/01/1985
1985Italian
Torino
F. SCIAUDONE
Aileen TORRE
28/09/1959
1959Philippines
Campione d ’ Italia
F. SCIAUDONE
Ennio LOGLIO
13/01/1944
1944Italian
Bergamo
F. SCIAUDONE
Giuseppina BONOMO
03/02/1944
1944Tunisian
Latina
F. SCIAUDONE
Gabriele ZOJA
01/01/1976
1976Italian
Milano
F. SCIAUDONE
Francesco SABATO
13/11/1979
1979Italian
Barcelona
F. SCIAUDONE
Fransceso SPADARO
05/07/1952
1952Italian
Messina
F. SCIAUDONE
Giuseppe RICCIARELLI
12/09/1956
1956Italian
San Giustino
F. SCIAUDONE
Antonio CANESTRO
29/12/1929
1929Italian
PULLY
F. SCIAUDONE
Jacopo VILLATICO CAMPBELL
07/01/1978
1978Italian
Panama City
F. SCIAUDONE
BANCA DI SAN MARINO SPA
Company
Company
Italian
Repubblica di San Marino
F. SCIAUDONE
FINAROCHE SCA
Company
Company
Italian
Saint-Gilles
F. SCIAUDONE
FINMODA SRL
Company
Company
Italian
Torino
F. SCIAUDONE
ALPHA VALUE MANAGEMENT ITALY LTD
Company
Company
Italian
Noventa Padovana
F. SCIAUDONE
BANCA SAMMARINESE DI INVESTIMENTO SPA
Company
Company
Italian
Repubblica di San Marino
F. SCIAUDONE
GENERALI PAN EUROPE LTD
Company
Company
Italian
Dublin
F. SCIAUDONE
FE.DE IMMOBILSERVICES SRL
Company
Company
Italian
Roma
F. SCIAUDONE
ZAROCAT S.P.A.
Company
Company
Italian
Arcugnano
F. SCIAUDONE
Franscesco POZZESSERE
11/06/1978
1978Italian
Panama City
F. SCIAUDONE
Application no. 48490/13
N o .
Firstname LASTNAME
Place of residence
Representative
BRIGADE DISTRESSED VALUE MASTER FUND LTD
Grand Cayman
Cayman Islands
Stephen Pearson – JONES DAY
BRIGADE LEVERAGED CAPITAL STRUCTURES FUND LTD
Grand Cayman
Cayman Islands
Stephen Pearson – JONES DAY
BRIGADE CREDIT FUND I LTD
Grand Cayman
Cayman Islands
Stephen Pearson – JONES DAY
BURLINGTON LOAN MANAGEMENT LTD
Dublin
Ireland
Stephen Pearson – JONES DAY
Application no. 49000/13
N o .
Firstname LASTNAME
Birth date
Birth year
Nationality
Place of residence
Representative
1.‘ EBL HOLDING A/S
Company
Company
Danish
Vejle
SHEFET
Application no. 49016/13
N o .
Firstname LASTNAME
Birth date
Birth year
Nationality
Place of residence
Representative
1.‘ INTEGRALE GEMEENSCHAPPELIJKE VERZEKERINGSKAS
Company
Company
Belgian
Luik
J.A.M.A. SLUYSMANS
[1] This should presumably read: section 8:41(5).