Neil Cooper's team has submitted the required documents for bankruptcy recognition in Switzerland. Filing such an application was necessary because Switzerland is not an EU member state, the bankruptcy administrator said in a press release.
"The recognition of the bankruptcy in Switzerland is key to recovering the financial resources currently held in Swiss bank accounts. We have located more than 1 billion litas worth of financial assets in Switzerland which became inaccessible to the bank as a result of complex financial operations. These financial assets represent a very significant part of the bank's total assets of this type and we are seeking to recover and return these assets to creditors," Cooper said.
The government nationalized Snoras on 16 November 2011. A court opened bankruptcy proceedings against the bank on 7 December.
2012-05-04 13:01
Snoras' administrator seeks to recover over 300 million euro assets in Switzerland
The bankruptcy administrator of Lithuania's nationalized bank Snoras has filed for recognition of the bank's bankruptcy in Switzerland in an effort to recover more than a billion litas (EUR 300 ml) worth of the bank's assets in that country.
Neil Cooper, Snoras bankruptcy administrator. / Eltos nuotr.
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