site.btaInformation from Persons with Experience in Bank Bankruptcy Investigations, Activity Reports Will Be Public

Information from Persons with Experience in Bank Bankruptcy Investigations, Activity Reports Will Be Public

Sofia, April 14 (BTA) - Information from the contract of a trustee in bankruptcy of a bank in insolvency with persons having international experience in the investigation of bank bankruptcies', as well as from the report on their activity, will be public, the National Assembly decided passing conclusively revisions to the Bank Bankruptcy Act on Thursday. The amendments were made in connection with the case involving Corporate Commercial Bank and the report of AlixPartners.

The report cannot contain confidentiality clauses restricting public access to it under the procedure of this law. Within seven days after the signing of the contract and/or an annex and attachments to it the trustee in bankruptcy should publish on his/her website information about the contractor, information about the relevant international experience, the time-limit for implementation and the liquidated damages, if there are provisions for such.

Regardless of contractual confidentiality clauses, the trustee in bankruptcy will be obligated, after acceptance of the report of commissioned persons, to publish it in Bulgarian on the relevant website, with the exception of the recommendations referring to the collection of receivables.

The new provisions will also apply for proceedings involving bank bankruptcy launched before they become effective, as will as to contract concluded thereunder, Parliament decided.