OREANDA-NEWS. October 15, 2015. Due to the failure to meet creditors’ claims on monetary obligations in terms of seven days from their maturity date and guided by Sub-clause 1 of Clause 1 of Article 189.26 of the Federal Law ‘On Insolvency (Bankruptcy)’, by its Order No. OD-2746, the Bank of Russia appointed a provisional administration to manage the credit institution public joint-stock company NOTA-Bank (registration No. 2913) from 13 October 2015 for a six-month term. The powers of executive bodies of the credit institution are suspended. The main objective of the provisional administration is to ensure safety and estimate quality of assets of PJSC NOTA-Bank and prospects for restoring its liquidity, and cooperate with the bank’s creditors with regard to their possible participation in solving the bank’s problems.

At the same time, guided by Article 189.38 of the Federal Law ‘On Insolvency (Bankruptcy)’, the Bank of Russia decided to impose a three-month moratorium on meeting claims of creditors of PJSC NOTA-Bank. This decision is necessary to ensure equality in protecting rights of all creditors in the condition of the bank’s insolvency.

In compliance with the Federal Law ‘On the Insurance of Household Deposits with Russian Banks’ the moratorium on meeting creditors’ claims is an insured event. Payments to depositors of PJSC NOTA-Bank, including individual entrepreneurs, are to start not later than 14 days after the imposition of moratorium. The procedure for payment of insurance benefit will be determined by the state corporation Deposit Insurance Agency.

The Bank of Russia will decide on other statutory measures, duration of activity of the provisional administration and the term of moratorium with regard to PJSC NOTA-Bank, taking into account the financial rehabilitation measures taken by its owners in cooperation with creditors.