site.btaProsecutors Contest Date of Insolvency of Corpbank

Prosecutors Contest Date of  Insolvency of  Corpbank

Sofia, April 28 (BTA) - Prosecutors are contesting a decision by
 the court setting the date of insolvency of Corporate
Commercial Bank (Corpbank) at November 6, 2014.

November 6 was also the date when Corpbank had its licence
revoked by a decision of the central bank. It came just five
months after Corpbank, Bulgaria's fourth biggest lender,
suspended all operations after a panic run by depositors left it
 illiquid. The Sofia City Court adjudicated the bank bankrupt on
 April 22, 2015.

The prosecution office argue that the actual condition of the
troubled bank was established back on September 30 when Corpbank
 reported negative own funds and negative capital adequacy in
its financial statements and supervisory reports - which is why
the initial day of insolvency should be set at September 30.

The central bank, too, is appealling the date of the insolvency
and insists that it be set at September 30.