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Bankruptcy of Snoras gets recognised in Switzerland
Danuta Pavilenene, BC, Vilnius, 10.08.2012.
Print version
Print versionNeil Cooper, Bankruptcy Administrator of BAB Bankas Snoras (in Bankruptcy) has confirmed that on 19 July 2012, the bankruptcy of the bank was recognised in Switzerland by FINMA, the Swiss Financial Market Supervisory Authority, the bank said in a statement.
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Switzerland does not automatically recognise foreign bankruptcies, so the process of getting the bankruptcy of Snoras recognised in Switzerland has been a lengthy one and began in March 2012.
The success in gaining recognition is an important step for the recovery of assets, including the CHF 2.8 million of financial assets held in Snoras correspondent accounts at Swiss banks. The bankruptcy administrator is considering what claims can and should be brought against third parties for the recovery of further assets for the benefit of creditors.
The recognition means that FINMA will now take charge of the bankruptcy in Switzerland, with the process being run as a "mini-bankruptcy".
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