OREANDA-NEWS.  August 16, 2012. Neil Cooper, Bankruptcy Administrator of BAB Bankas SNORAS (in Bankruptcy) confirms that the bankruptcy of the SNORAS was recognised in Switzerland by FINMA, the Swiss Financial Market Supervisory Authority, reported the press-centre of SNORAS. 

Switzerland does not automatically recognise foreign bankruptcies, so the process of getting the bankruptcy of SNORAS recognised in Switzerland has been a lengthy one and began in March 2012.

The success in gaining recognition is an important step for the recovery of assets, including the CHF 2.8 million of financial assets held in SNORAS correspondent accounts at Swiss banks. The Bankruptcy Administrator is considering what claims can and should be brought against third parties for the recovery of further assets for the benefit of creditors.

FINMA have published their recognition of the bankruptcy on their website and a copy can be found here: http://www.finma.ch/e/aktuell/Pages/aktuell-konkurspublikation-20120719.aspx.

The recognition means that FINMA will now take charge of the bankruptcy in Switzerland, with the process being run as a "mini-bankruptcy".