On and after 7 December 2011 (when the bankruptcy order came into force): the discharge of all financial obligations (not discharged prior to the initiation of bankruptcy proceedings), including payment of interest, penalties, taxes and other compulsory contributions and the recovery of debts from AB SNORAS through Court or without suit are prohibited (whether such obligations or debts are secured or unsecured).
Calculation of penalties and interest on all obligations of AB SNORAS, including on a default in payments relating to employment relations, is terminated. Legal mortgage may not be imposed.
However, the Subsidiaries are not subject to the bankruptcy order, and the bankruptcy of AB SNORAS should not impact the normal activities of the Subsidiaries.
The Subsidiaries are separate legal entities with their own and independent managements. They remain fully in charge of and responsible for their respective operations. All queries regarding the day to day activities of the Subsidiaries should therefore be directed to the relevant Subsidiary.
The subsidiaries of AB SNORAS (AS Latvijas Krājbanka, AB Finasta Holding, UAB SNORO lizingas, UAB SNORAS Media, UAB SNORO valda, UAB SNORAS Development, SNORO paramos fondas as well as AB SNORAS’ shareholdings of less than 50% each in UAB SNORAS Investment Management and OU Real Estate Investment Management, together, the “Subsidiaries”) are part of the SNORAS group.
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.