OREANDA-NEWS. May 12, 2012. The Bankruptcy Administrator of BAB Bankas Snoras can confirm that he and his team have applied for the Bankruptcy of the Bank to be recognised in Switzerland. It is necessary to file the application separately given that Switzerland is not a member of the European Union, reported the press-centre of BAB Bankas Snoras.   

Recognition of the Bankruptcy in Switzerland will allow the Bankruptcy Administrator and his team to begin the process of securing and recovering the financial assets located in that jurisdiction.

Commenting on the application, Neil Cooper, Bankruptcy Administrator said:
“Recognition of the Bankruptcy in Switzerland is of significant importance to the process of recovering the financial assets of the Bank currently held in Swiss bank accounts. We have identified over LTL 1 billion of financial assets in Switzerland that were put out of the reach of the Bank using complex structures. These financial assets form an extremely significant proportion of the total financial assets of the Bank which we will seek to recover and return to creditors.”