Insolvency of the Sun Contracting Group – What investors need to know now / Rights and options for affected investors

In October 2025, several companies belonging to the Sun Contracting Group filed for insolvency. The group financed its photovoltaic projects primarily through bonds and qualified subordinated loans. A restructuring of the companies is not expected.

It is particularly striking that the economic problems are not isolated: the Sun Contracting Group is closely linked to the Green Finance Group, against which the Public Prosecutor's Office for Economic Affairs and Corruption (WKStA) is conducting investigations against around 20 suspects. There are indications that it may not have been individual bad decisions that played a role, but rather structural weaknesses in organization, sales, and control.

What does this mean for investors?

Investors face a high risk of losing their entire investment. Affected investors should therefore promptly examine their legal options. The focus here is in particular on:

• Timely filing of claims in insolvency proceedings

• Possibility of joining ongoing criminal proceedings as a private party

• Review and enforcement of claims for damages against potentially responsible persons or involved agencies.

Which companies are affected?

The group of companies has filed for insolvency in both Liechtenstein and Austria. In Austria, the public prosecutor's office has also become involved.

The following companies are affected:

• Sun Contracting AG, 9496 Balzers

• Sun Contracting Projekt GmbH, 4020 Linz

• Sun Contracting Austria GmbH, 4020 Linz

• Sun Contracting Engineering GmbH, 4020 Linz

• Sun Contracting Norica Plus GmbH, 4020 Linz

• Sun Contracting Solutions GmbH, 4020 Linz

Which investment products are affected?

Holders of the following Sun Contracting AG financial products are particularly affected:

• Qualified subordinated loans: Often brokered by Green Finance Capital AG. Due to the contractual subordination provisions, claims are only serviced after all other creditors in the event of insolvency, which increases the risk of significant losses.

  
  

• Sun Contracting Registered EURO Bond 2020 (ISIN: LI0553631917): Unsecured bond with bullet interest payment and an exceptionally long term until 2045.
  
  

• Sun Contracting Energy Bond 2021 (ISIN: LI1115521257): Unsecured bond issued in Swiss francs with a maturity date in 2026.

  
  

• Registered shares of Sun Contracting AG (ISIN: LI1218335159): Equity investment with an uncertain outlook for a possible IPO in 2026 at the earliest. As an equity instrument, these shares are particularly vulnerable to loss in the event of insolvency, as they rank behind all creditor claims.
  
  

Liability situation

When a structure of this size collapses, the responsibility rarely lies solely with the insolvent company. Possible sources of liability are:

• Prospectus liability: Were the issue prospectuses incomplete or misleading? If so, the prospectus authors and prospectus reviewers can be held liable.

• Auditors and experts: Their audit reports and approvals may also be relevant to liability claims.

• Executive bodies and decision-makers: Managing directors, board members, and beneficial owners may be held personally liable depending on their responsibilities.

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