The appointment of the bankruptcy administrator is subject to a 10 day appeal period prior to the order taking final effect. In this initial 10 day period the bankruptcy administrator has control of AB SNORAS.
Pursuant to the bankruptcy order, creditor claims will need to be submitted within one month of the effective day of bankruptcy order. The bankruptcy administrator will liaise with creditors further in respect of this process shortly. Creditor claims must then be approved by the Court.
Once the creditor claims are approved by the Court, the initial meeting of creditors of AB SNORAS will be convened. The creditors will elect a creditors’ committee at this meeting which it is hoped will be representative of all the different categories of creditors of the bank. The creditors’ committee will also review and approve key ongoing expenses related to the bankruptcy process.
The creditors’ committee will then work closely with the bankruptcy administrator in connection with key decisions relating to the realisation of the bank’s assets to meet creditor claims.
Prior to the appointment of the creditors’ committee, the bankruptcy administrator may seek court approval for important actions that need to be taken to preserve value for the benefit of creditors.
AB bankas SNORAS (in bankruptcy) acting by its administrator (as its agent)
Neil Hunter Cooper was appointed Administrator of Akcinė bendrovė bankas SNORAS (in bankruptcy) on 7 December 2011 and the powers of the bank’s supervisory board, the bank’s board and heads of the administration are exercised by him (subject to the Law on Enterprise Bankruptcy of the Republic of Lithuania). The Administrator contracts as agent of the bank.
Akcinė bendrovė bankas SNORAS in bankruptcy (legal entity code 112025973) has its registered offices at A. Vivulskio g. 7, Vilnius, Lithuania.