Assegurances Generals Bankruptcy Pros Defend Auction Valuations Amid Court Challenges

Professionals managing the bankruptcy of Assegurances Generals, along with buyers and potential purchasers of the insurer's auctioned real estate assets, are defending the property valuations that underpinned the bidding processes.

All involved parties, including the bankrupt original owners, now await a ruling from the Tribunal Constitucional on challenges filed against several of these auctions. Multiple sources familiar with the proceedings—ranging from process administrators to asset buyers—emphasise that the valuations aimed to maximise returns from the sales. This approach sought to offset as much as possible of the significant financial shortfall uncovered in the collapse, thereby limiting further liabilities after asset disposal.

In response to complaints from the original asset owners, administrators often accepted their own higher appraisals, which became the basis for setting reserve prices. Sources note that properties did not always sell on the first auction attempt, nor on subsequent ones. They describe the valuations as generous given the assets' quality—for instance, apartments in the Interski building—especially amid Andorra's current real estate boom, where prices are rising.

Administrators and other professionals involved staunchly defend the procedures and decisions taken throughout the bankruptcy. They express frustration with the legal challenges, viewing them potentially as a tactic to delay proceedings rather than a substantive critique of the valuations.

The sources highlight broader discontent surrounding the insurer's failure, but portray the management efforts as rigorous in pursuit of optimal recovery for creditors. No timeline has been specified for the Constitutional Court's decision.