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Court declares PNB Banka insolvent
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    Court declares PNB Banka insolvent

    RIGA, Sept 12 (LETA) - The Riga Vidzeme District Court has declared PNB Banka insolvent, LETA found out from the Financial and Capital Market Commission (FKTK).

    Vigo Kastins has been confirmed as the administrator of the insolvency process.

    "The FKTK will closely monitor the progress of the insolvency process, while the Latvian Deposit Guarantee Fund, which provided the bank's clients with guaranteed compensation from its own funds, will be a creditor in the insolvency process, claiming recovery of all disbursements," the FKTK noted.

    After a credit institution has been declared insolvent, the administrator shall have all the duties, rights and powers of the administrative authorities and their directors as provided for in law and in the credit institution's statutes. When a bank is declared insolvent, it loses the right to dispose of its property, as well as any third party property in its possession, and the administrator obtains this right, the bank's governing bodies are suspended and the bank is administered by the administrator, the FKTK points out.

    • Published: 12.09.2019 15:57
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