OREANDA-NEWS.  September 17, 2012. Neil Cooper, Bankruptcy Administrator of BAB Bankas SNORAS (in bankruptcy) today confirms that the bank is now formally in liquidation. An application was made to the Vilnius Regional Court on 6 August 2012. It was approved by the Court on 22 August 2012 and the appeal period has now expired. No appeals were received by the Court, reported the press-centre of BAB Bankas Snoras. 

Neil Cooper, Bankruptcy Administrator comments:

“We have now entered an important stage of this highly complex and international bankruptcy process. The liquidation of the bank’s assets is now underway and steps are being taken to dispose of the bank’s tangible assets such as its property and motor vehicles for the benefit of creditors.”