OREANDA-NEWS. February 20, 2014. Neil Cooper, bankruptcy administrator of Snoras bank, has agreed with the Creditors‘ Committee a plan to retire as Bankruptcy Administrator as part of his wider retirement plans later in the year from the international consulting firm Zolfo Cooper.

Upon approval of the Creditors' Committee, the administration of the bankruptcy of the Snoras bank will be transferred to a qualified bankruptcy administrator approved by both its creditors and the court. The procedures for the selection of a new bankruptcy administrator will be commenced shortly in line with the bank's agreed procurement policy.

Neil Cooper will continue to hold the position of a bankruptcy administrator and together with his team of consultants will continue to manage the sale of the bank's key assets and the administration of bankruptcy proceedings until a new administrator has been selected and approved by the Creditors' Committee and the Court.

"Today's decision reflects conversations started with key stakeholders in the bankruptcy of Snoras last year during which it was agreed I would stand down at an appropriate time in 2014. Given the progress we have made to date it is agreed that that time is now. In these bankruptcy proceedings, we have achieved great results and have successfully returned a substantial amount to the bank's creditors, and we are planning to complete the sale of more of the bank's key assets in the near future.

The past two years have been incredibly interesting and full of new challenges for me and I am proud of the work and achievements of the entire team. I am now looking forward to a time when I can share my insights and recommendations with the newly appointed professional, who can then go on to complete the remainder of the bankruptcy proceedings of the bank", claims Neil Cooper.  

After Neil Cooper has transferred his formal responsibilities to the newly appointed bankruptcy administrator of Snoras bank and subsequently retired, he will be available to consult the newly appointed bankruptcy administrator, if the need arises.

During his career, Neil Cooper has managed bankruptcy proceedings in more than 30 countries worldwide and is considered one of the most experienced cross-border bankruptcy administrators. This year Neil Cooper will turn 67.