site.btaCorpbank's Trustees in Bankruptcy Recovered 4.5 Per Cent out of Lv 3,900 Mln by December 20

Corpbank's Trustees in Bankruptcy Recovered 4.5 Per Cent out of Lv 3,900 Mln by December 20

Sofia, December 23 (BTA) - Between April 22, 2014 (when the court initiated bankruptcy proceedings against it) and December 20, 2016, the trustees in bankruptcy of the failed Corporate Commercial Bank (Corpbank) collected 161.673 million leva, out of assets valued at 3,900 million leva before the financial institution was declared bankrupt, the trustees wrote in an answer to GERB MP Desislava Atanassova, which was published on Parliament's website.

So far, the trustees have instituted 676 order for payment proceedings, proceedings for performance, enforcement proceedings and other proceedings for the recovery of assets originating from the bank, as well as bankruptcy proceedings against legal persons (borrowers, solidary debtors etc., including against third parties).

More than 198 debt collection proceedings have been instituted against natural-person debtors of the bank. Actions have been brought against former Corpbank administrators for the award of compensation for damage caused to the bank.

Eighty-eight court cases are pending on objections lodged by creditors of the bank to claims allowed and disallowed by the trustee, the answer to Atanassova reads.

Corpbank, then Bulgaria's fourth biggest lender, suspended all operations on June 21, 2014 after a run by depositors left it illiquid and on the same day it was placed by the Bulgarian National Bank (BNB) under special supervision. The BNB Governing Council withdrew Corpbank's banking licence, effective November 6, 2014. On appeal, the Sofia Appellate Court determined that Corpbank's insolvency dated from June 21, 2014.