OREANDA-NEWS. May 10, 2012. The current and former employees of BAB Bankas Snoras are currently in the process of electing an Employee Representative to the Creditors’ Committee. The role of the Employee Representative is to represent the employees on the Creditors’ Committee, reported the press-centre of Bankas Snoras.

The Creditors’ Committee controls the bankruptcy procedure, the activities of the Bankruptcy Administrator and defends the interests of creditors.

All current and former employees who have claims against BAB bank Snoras have until Wednesday 2 May 2012 to nominate individuals for the role of Employee Representative. Once the nominees have accepted their nominations, it will be possible to start the voting process which will be available via IB+, the Bank’s intranet site, or at an open Snoras branch.

Voting will close on Tuesday 22 May 2012 and the appointment of the Employee Representative will be confirmed in advance of the first creditors’ meeting.

Commenting on the importance of the Employee Representative’s role, Neil Cooper, Bankruptcy Administrator said:

“The bankruptcy law makes provision for employees to be represented on the Creditors’ Committee and this representative has an extremely important role to play in the bankruptcy of a Bank such as Snoras.”