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Court grants 1.96 million euros to Snoras’ bankruptcy administrator

 Neil Cooper
Irmanto Gelūno / 15min nuotr. / Neil Cooper
Šaltinis: BNS

The Vilnius Regional Court granted 6.771 million litas (EUR 1.96 m) to bankruptcy administrator of Lithuania’s collapsed commercial bank Snoras by the end of April, eight times less than it was asked by Neil Cooper.

Of this amount, 3.825 million litas could be used for personnel costs by 31 March, the court’s spokesman, Gintautas Stalnionis, confirmed to BNS.

The creditors’ meeting, which would approve a new bankruptcy administrator’s cost estimate, should take place by 30 April, the court ruled.

The Vilnius Regional Court said in its 22 March decision that it had approved the estimate considering the actual expenses sustained between the opening of bankruptcy proceedings and 7 March, and not the initial estimate.

Snoras’ bankruptcy administrator earlier asked the court to approve an estimate of 57.198 million litas for the coverage of three-month costs, starting from 7 March.

“The court reduced some components of the estimate by one-third and waived certain components altogether,” Stalnionis said.

To substantiate the decision, Judge Andzej Maciejevski cited legislation, under which the first creditors’ meeting should take place no later than within 30 workdays from the date of coming into effect of the court’s decision approving the creditors’ claims. The court took that decision on 22 March.

“In this court’s opinion, the first creditors’ meeting should take place on 30 April at the latest so as to save as much funds of the bank in bankruptcy as possible. This term is deemed reasonable considering the fact that the administrator of the banrupt bank was aware about the future creditors’ meeting after the opening of bankruptcy proceedings and he has sufficient capabilities to organize the creditors’ meeting rapidly without using the entire period envisaged by the law,” the decision said.

On 20 December, the court approved an estimate of 29.869 million litas, which was raised to 60.944 million litas on 27 December. Cooper had the right to use the funds for administration costs and advisory services during a period of three months from the opening of bankruptcy proceedings, i.e. until 7 March, but no longer than after the approval of the estimate by the first meeting of the bank’s creditors.

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