Notification of UAB Valnetas, the Bankruptcy administrator of BAB Ūkio bankas, on convening the first meeting of creditors of BAB Ūkio bankas

2014-02-28

Dear creditor,

The bankruptcy administrator of the failing AB Ūkio Bankas, legal entity code 112020136 (hereinafter, BAB Ūkio Bankas) hereby notifies you of the convocation of the first meeting of creditors of BAB Ūkio Bankas. The receipt of this letter confirms that your financial claim against BAB Ūkio Bankas has been approved by the final judgement of the Kaunas Regional Court and you are entitled to take part in the meeting of creditors of BAB Ūkio Bankas and express your will by voting on the matters included on the agenda of the meeting in accordance with the procedure prescribed herein and in the ballot paper.

Basic information about the ground for convening the meeting of creditors of BAB Ūkio Bankas, the place and time of the meeting

By the judgement of 2 May 2013, the Kaunas Regional Court initiated bankruptcy proceedings against AB Ūkio Bankas, appointed UAB Valnetas (legal entity code 135778275, authorisation for provision of bankruptcy administration services No. 69) to be the bankruptcy administrator ofBAB Ūkio Bankas, with Gintaras Adomonis (bankruptcy administrator qualification certificate No. 427c) as an authorised person, tel.: (8 37) 20 27 22, fax.: (8 37) 20 27 40, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it. . The Kaunas Regional Court’s judgement initiating bankruptcy proceedings came into effect on 7 June 2013.

By the judgement of 17 October 2013, the Kaunas Regional Court confirmed the list of creditors of BAB Ūkio Bankas and their financial claims. On 11 February 2014, the Court of Appeal of Lithuania by its final judgement rejected the complaints regarding the approval of the financial claim of the State undertaking Deposit and Investment Insurance (VĮ Indėlių ir Investicijų Draudimas), constituting more than half of the total financial claims lodged against the Bank.

In the light of the above circumstances and referring to Article 22 of the Enterprise Bankruptcy Law, please be informed that the first meeting of creditors of BAB Ūkio Bankas will be held on 18 March 2014 (Tuesday) at 10:00 a.m., at the following address: Kovo 11 – osios g. 26, Kaunas (in the hall of the Girstutis Culture Centre (Girstučio kultūros centras)). The registration of participants begins at 09:00 a.m.

Agenda of the meeting of creditors of the Bank and voting on the matters on the agenda

The purpose of the first meeting of creditors being convened is to elect the committee of creditors of BAB Ūkio Bankas, which, referring to Article 85(6) of the Law of the Republic of Lithuania on Banks, may enjoy all the rights granted by the Enterprise Bankruptcy Law of the Republic of Lithuania to the creditors’ meeting (except for the right to form and change the composition of the creditors’ meeting). Therefore, the first meeting of creditors of the Bank will consider the following agenda, where resolutions on the agenda matters will be taken in voting by the creditors: 

  1. Electing the secretary and the chairman of the meeting of creditors;
  2. Determining the number of members of the creditors’ committee of BAB Ūkio Bankas;
  3. Electing the members of the creditors’ committee of BAB Ūkio Bankas.

Referring to Article 85(6) of the Law on Banks and Article 25 of the Enterprise Bankruptcy Law, the creditors’ committee of the Bank must have at least 5 members and not more than 15 members. The State undertaking Deposit and Investment Insurance (VĮ Indėlių ir Investicijų Draudimas) must be one of the members of the creditors’ committee. The representative of the Bank’s employees authorised to defend employment-related claims must be elected to the creditors’ committee.

Draft resolutions on the agenda matters proposed by the bankruptcy administrator are specified in the enclosed ballot paper for written voting.

Creditors may vote in writing on the matters included on the agenda, by filling in the enclosed ballot paper for written voting. Witten votes will be included in the voting for the resolutions adopted at the creditors’ meeting. The ballot paper for written voting may be delivered in two ways: 

  1. by 12 March 2014 (inclusive), sending a properly filled in and singed ballot paper to BAB Ūkio Bankas by mail to the following address: Maironio g. 26/Laisvės al. 80, Kaunas. All ballot papers received by BAB Ūkio Bankas after 17:00 p.m. on 17 March 2014 will not be included in the voting results;
  2. by 12 March 2014 (inclusive), serving a properly filled in and singed ballot paper to BAB Ūkio Bankas upon arrival at the bank, at the following address: Maironio g. 26/Laisvės al. 80, Kaunas. Ballots may be delivered within the established time limit on business days from 9:00 a.m. till 12:00 p.m. and from 13:00 p.m. till 17:00 p.m. Upon arrival at BAB Ūkio Bankas, the creditor must have a personal identification document. 

The Bank’s creditors are entitled to submit draft resolutions proposed by them with respect to the matters on the agenda to be voted at the first meeting of creditors by 12 March 2014, 17:00 p.m. Proposals may be submitted by filling in the ballot paper for written voting (unless the creditor attends the meeting) or by submitting a written proposal on the matter included on the agenda (if the creditor attends the meeting and/or does not wish to vote in writing). Proposals for the agenda must be submitted following the same procedure as in the event of the ballot paper for written voting. The creditor may propose to vote and the meeting will vote only for the whole composition of the creditors’ committee (not for individual members of the committee).

The course and the procedure of the meeting.

Upon arrival at the meeting of creditors, please have with you: 

  1. a personal identification document (passport, identity card);
  2. a proxy if you represent a natural or legal person (if you represent other natural person, a proxy certified by a notary public; if you represent a legal person, a proxy issued by a representative of the legal person; attorneys-at-law representing a natural or legal person must have the representation agreement);
  3. a pen for filling in a ballot paper.    

The bankruptcy administrator of the Bank by his decision establishes the following procedure of the expected meeting of creditors: 

  • Registration of the participants of the meeting begins at 09:00 a.m.;
  • The meeting of creditors begins at 10:00 a.m. and the agenda and the procedure of the meeting is presented;
  • The participants of the meeting adopt resolutions on the agenda matters by voting;
  • The review of actions carried out in the bankruptcy proceedings against the Bank is presented (no voting takes place);
  • The meeting is closed.  

Please note that you are not obliged to participate and vote at the meeting of creditors of BAB Ūkio Bankas, you should decide yourself as to the participation and voting in the meeting. Your choice not to participate and/or vote at the meeting will not affect your financial claim and/or its satisfaction in accordance with the procedure prescribed by law. No issues relating to the satisfaction of claims or sale of the assets of BAB Ūkio Bankas or any other matters, with the exception of those specified in the agenda provided for herein, will be considered in the meeting of creditors being convened.

ENCLOSED: Ballot paper for written voting in the first meeting of creditors of BAB Ūkio Bankas.

Sincerely 

Gintaras Adomonis,

Authorised person of UAB Valnetas, the bankruptcy administrator of BAB Ūkio Bankas

 

 

 

 

 

 

 

 

 

 

 

 

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