Following the recent changes in the act on the depositor guarantee scheme, IDEAL Law Firm LLP expressly states that amounts deposited in client accounts with an attorney are no longer exempt from the rule on maximum coverage of EUR 100,000.
Deposits made in connection with transactions relating to the acquisition of real property which has mainly been used non-commercially or the main purpose of which is mainly non-commercial are covered by the depositor guarantee fund by up to EUR 10,000,000 for up to 12 months after deposit of the amount. All other amounts deposited in client accounts with IDEAL Law Firm are now subject to the same limitation on amount as ordinary deposits with a maximum coverage of EUR 100,000.
In continuation hereof, IDEAL Law Firm expressly states that the maximum coverage of EUR 100,000 applies to each credit institution. Thus, if a client has his or her private funds in the same credit institution as the one where IDEAL Law Firm LLP has placed the client’s funds, the client will only receive up to EUR 100,000 in compensation for the total amount deposited in both accounts.
IDEAL Law Firm LLP can under no circumstances be held liable for losses that clients suffer due to bankruptcy or other types of insolvency in the credit institution where the funds have been deposited.
