Bankas Snoras AB : FINMA assigns claims relating to BAB Bankas SNORAS in Switzerland to the Bankruptcy Administrator of SNORAS

FINMA assigns claims relating to BAB Bankas SNORAS in Switzerland to the Bankruptcy Administrator of SNORAS

On 19 July 2012, the bankruptcy of SNORAS was recognised in Switzerland by FINMA, the Swiss Financial Market Supervisory Authority.

Switzerland does not automatically recognise foreign bankruptcies, so the process of getting the bankruptcy of SNORAS recognised in Switzerland was a lengthy one which began in March 2012. The recognition meant that FINMA took charge of the bankruptcy in Switzerland, with the process being run as a "mini-bankruptcy".

The success in gaining recognition was an important step for the recovery of assets, including the CHF 1 million (approximately LTL 2. 8 million) of financial assets held in SNORAS' correspondent accounts at Swiss banks.

In addition, in its capacity as bankruptcy administrator in the Swiss bankruptcy proceedings, FINMA has confirmed that the Swiss bankruptcy estate has waived its rights to pursue legal proceedings and has assigned these rights to Neil Cooper, who was appointed as Bankruptcy Administrator of SNORAS by the Vilnius Regional Court on 7 December 2011.

Neil Cooper, said: "I am now considering what claims can and should be brought against third parties in Switzerland for the recovery of further assets for the benefit of creditors and will be working closely with FINMA to achieve this aim.