Special announcements

ABLV Bank in liquidation is once again asking the creditors of the bank to carefully consider any possible offers coming from agents willing to represent creditors. Please take a closer look on whether the offered benefits do not violate the law, since such offers have no legal grounds.

Lately we have noticed another wave of activity of various advisory companies offering to represent the creditors in the course of voluntary liquidation of the bank, promising to “ensure priority or other types of benefits”. They promise a faster disbursement of the moneys and ask to pay for their services in advance setting the price as percentage of the sum the creditor is going to receive.

ABLV Bank in liquidation would like to draw your attention to that the voluntary liquidation procedure is going only and solely in accordance with the voluntary liquidation plan approved by the Financial and Capital Market Commission and applicable laws of the Republic of Latvia, and it does not provide any extraordinary priorities. Also, the procedure is being monitored by an international auditor.

The Credit Institutions Law of the Republic of Latvia provides a specific procedure of satisfying the claims of the creditors. The liquidators are obligated to strictly follow that order, and there is no way to accelerate the satisfaction of claim of any creditor contrary to the provisions of the law now or at any time in future. Also it is impossible to shift the creditor from one group of creditors to another, whose claims will be satisfied first hand.

On 18 June 2018, ABLV Bank in liquidation starts accepting creditors’ claims, and the term is set until 18 September 2018 (inclusive). Having received all the creditors’ claim, the liquidators will need at least three months to verify them in order to compile a list of creditors. Only after the lists of creditors are approved and their applications are verified, the disbursements will start. However, the disbursement of guaranteed compensations was started already on 3 March 2018, and the bank has transferred more than EUR 480 million to the Deposit Guarantee Fund. The claims of creditors of this group are already being satisfied by Citadele banka, AS and one does not need to lodge a claim for that.

More detailed order of satisfaction of creditors’ claims is available here: the order.