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Bankruptcy Management

We have made several financial systems for insurance companies going out of business. Best known is Swedish Credit, Svenska Kreditaktiebolaget, Swedens most well known and respected credit institute, with world wide reputation.

This is a very special niche, which requires many different solutions and consideration to relevant rules and laws. An insurance company in bankruptcy creates a large amount of connections, since all companies have reinsured their risks, in other insurance companies. If one of these companies in the network collapses numerous claims and counter-claims occurs to be evaluated. Regressions, possibly before dividends to be deducted and much more also has to be considered.

It is natural that a system in this area must have full transaparancy and traceability of all transactions. All events are logged and can be traced back. The systems must also be able to make so-called advance dividends, when the trustee has got a first definite idea of how much money can be guaranteed in the bankruptcy estate. It can be made several advance dividends at different levels, and these should be deducted in the final dividend. Sometimes, also an interest calculation is involved, on previous dividends.

In summary, it is quite a lot of managing in systems like this.
Digital Design has made such systems in three different insurance companies in bankruptcy, and thus has a unique insight and understanding of what is required in this kind of systems.

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