|18th January, 2012, Vilnius
|This notification is effective for all counterparties of the Bank, unless otherwise stated in this notification or in a separate notification of the Bank sent to particular counterparties of the Bank by mail not later than on the date of this notification
Please be informed that on 7 December 2011 Vilnius Regional Court passed a ruling to initiate bankruptcy proceedings in relation to AB bank SNORAS (legal entity code 112025973, with its registered address at A. Vivulskio str. 7, 03221 Vilnius, Lithuania) (hereinafter - the Bank). The part of the ruling initiating the bankruptcy proceedings of the Bank became effective and the Bank acquired the status of a company in bankruptcy on 20 December 2011. Upon adoption by the Vilnius Regional Court of the above-named ruling, the decision of the Board of the Bank of Lithuania No. 03-196, of 24 November 2011, on the permanent termination of the banking licence issued to the Bank had come into effect.
According to Article 11 part 3 item 13 of the Enterprise Bankruptcy Law of the Republic of Lithuania, the administrator shall, no later than 30 days from the entry into force of the court ruling to initiate bankruptcy proceedings, inform the parties concerned of his refusal to perform transactions entered into by the enterprise the period of performance of which has not yet expired.
In accordance with the foregoing, please be informed that all agreements (transactions) which You have entered into with the Bank, except for the agreements (transactions) referred to in the paragraph immediately following the present paragraph, will not be further performed. The aforementioned agreements shall be deemed to have expired as from the date of submission of this notification, and Your potential claims shall be satisfied in the manner specified in Article 35 of the Enterprise Bankruptcy Law of the Republic of Lithuania and Article 87 of the Law on Banks of the Republic of Lithuania.
The provisions in the paragraph immediately preceding this paragraph are not applicable:
- a) in respect of agreements (transactions), where You have the obligation to repay money borrowed from the Bank or funding provided by the Bank (for example, loan, credit, credit card, instalment purchase card and hire-purchase agreements). This clause a) does not apply in respect of loan, credit and other analogous agreements (transactions) entered into by the Bank with legal persons, where the Bank has an executory obligation to lend money after the date hereof and such agreements (transactions) shall be deemed to have now expired;
- b) to guarantees, warranties, pledges, mortgages and other security agreements (transactions), concluded in favour of the Bank;
- c) to agreements (transactions), under which the Bank has any right of claim or outstanding benefit, while the Bank has fully discharged its obligations or did not assume any obligations under the agreement (transaction);
- d) to confidentiality agreements and undertakings;
- e) to correspondent account agreements regarding nostro accounts;
- f) to securities' account agreements;
- g) to payment account agreements;
- h) to agreements for the provision of banking services by internet; or
- i) to contracts on lease (sub-lease, loan for use) of land situated in the Republic of Lithuania, where the Bank acts as the lessee (sub-lessee, recipient),
and Your obligations, arising under the aforementioned agreements (transactions) should be further performed according to the terms and conditions provided in the agreements (transactions).
This notification does not deal with employment contracts, which have been dealt with separately with the employees.
Please disregard this notification, if all of your agreements (transactions) with the Bank have expired prior to the date of submission of this notification.
This notification does not affect Your rights under the Law on Insurance of Deposits and Liabilities to Investors and the right to submit creditor claim under the Enterprise Bankruptcy Law and the Law on Banks.
If you believe you have a claim against the Bank, please submit a creditor claim in the usual way.
The administrator of company-in-bankruptcy AB bankas SNORAS
Neil Hunter Cooper
Company-in-bankruptcy AB bankas SNORAS
Legal entity code 112025973
A. Vivulskio str. 7, 03221 Vilnius, Lithuania