Information to creditors about the course of BAB Ūkio bankas bankruptcy procedure

2013-12-09

On 17 October 2013 the Kaunas Regional Court confirmed the total amount of financial claims of the creditors of AB Ūkio bankas in bankruptcy totalling LTL 1.439 billion. The major portion of financial claims, over LTL 801 million, comprises liabilities to second-ranking creditor VĮ Indėlių ir investicijų draudimas.

Pursuant to Article 22 of the Enterprise Bankruptcy Law of the Republic of Lithuania, the first meeting of creditors shall be convened not later than within 30 working days from the entry into force of the court ruling to confirm the creditors’ claims.

However, an appeal was lodged against the court ruling concerning confirmation of Ūkio bankas financial claims of 5 November 2013. Since the appeal concerns confirmation of the financial claims of Ūkio bankas major creditor VĮ Indėlių ir investicijų draudimas the amount of whose claims when expressed in value accounts for more than the confirmed amount of the total creditors’ claims, convocation of the creditors meeting is impossible before this separate appeal is resolved.

The separate appeal must be settled at court within 30 days from the date of its acceptance at the court of appeal. After the court analyses the appeal concerning confirmation of VĮ Indėlių ir investicijų draudimas financial claims, the meeting of creditors will be convened by the court or, on its instruction, by the bankruptcy administrator.

It is tentatively planned to convene the first meeting of creditors in the first quarter of 2014.

It has to be noted that sales of the assets owned by Ūkio bankas will not start before the meeting of creditors is convened and the Committee of Creditors is elected.

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