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The temporary administrator transferred possession and control of AB SNORAS to the bankruptcy administrator

On 7 December 2011 the Vilnius District Court made an order initiating bankruptcy proceedings in respect of AB bankas SNORAS (“AB SNORAS”). The Court appointed Neil Hunter Cooper of Zolfo Cooper as administrator of AB SNORAS (in bankruptcy). He took over the authority of the bank from the temporary administrator Simon Freakley.

The bankruptcy administrator, working in conjunction with the creditors’ committee, will seek to realise best value from the assets of AB SNORAS to meet creditor claims in a timely, transparent and efficient manner.

Simon Freakley’s responsibilities as temporary administrator have come to an end. He no longer holds the powers of the bank’s supervisory board, the bank’s board or head of the administration (which have now transferred to the bankruptcy administrator).

The temporary administrator and bankruptcy administrator have worked to ensure that the transition to bankruptcy will be handled smoothly and efficiently.

Bankruptcy Law, the temporary administrator transferred possession and control of AB SNORAS and its assets to the bankruptcy administrator on 7 December 2011. This handover included all key documentation and work undertaken during the temporary administration, and an initial financial assessment of AB SNORAS (that was also presented to the Court in advance of the bankruptcy order). All work relating to the securing the assets and position of the bank will continue under the bankruptcy. Key Zolfo Cooper team members (and other advisors) with knowledge of the bank and the temporary administration will continue to assist the administrator in the bankruptcy.

Pursuant to article 11 of the Enterprise Bankruptcy Law, Neil Cooper as bankruptcy administrator of AB SNORAS (in bankruptcy) shall, among other things: ensure the protection of the assets of AB SNORAS; manage, use and dispose of the assets and funds of AB SNORAS; direct the economic and commercial activities of AB SNORAS; protect the rights and interests of AB SNORAS and its creditors; take measures to recover debts from debtors of AB SNORAS; and examine the transactions entered into by AB SNORAS within a period of at least 36 months before the initiation of the bankruptcy proceedings.

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.

Zolfo Cooper is an internationally recognised restructuring and insolvency firm with extensive experience dealing with the financial sector.

The administrator will shortly be communicating with stakeholders about the bankruptcy. This will include, in particular: notifying borrowers of arrangements and the process for making repayments under, and/or refinancing, existing loans; liaising with the deposit insurance fund in connection with the information necessary for the calculation of the insurance deposit payments to depositors; communicating with AB SNORAS employees regarding their ongoing employment at the bank following the bankruptcy order; and compiling a list of creditors of AB SNORAS and their claims for the purposes of review by the Court and convening the initial meeting of creditors of AB SNORAS.

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.

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