The administrator believes that creditors of Ūkio Bankas, which was closed down at the start of this year, may hold their first meeting in September or October and makes it clear that both the bank's majority shareholder, and its managers can face claims as part of the bankruptcy process.
"Speaking about the sale of the Lithuanian assets, I can say from my experience that the assets can be sold approximately within two years. However, it is highly likely that there will be complaints and, given that we have a three-tier court system, the processes can take time. We are in the analysis period now," he told the paper.
Based on initial data, Ūkio Bankas has around 328 million litas (EUR 95m) worth of assets and about 1.5 billion litas in liabilities, which means that the bank is in a financial hole of 1.2 billion litas, he said.