DRAFT AMENDMENTS TO THE BANK INSOLVENCY LAW

Draft amendments to the law on bank insolvency are expected to be put forth to Bulgaria’s Parliament on 16th of March.

The purpose of the proposed amendments is to protect the assets of Commercial Corporate Bank and to ensure that the state would recover the money provided for the loan. The texts were prepared at the end of last week and were supported both by the ruling parties and the opposition.

The draft amendments envisage the appointment of an interim receiver in CCB to replace the conservators and to run the bank for the period from revocation of its license to its bankruptcy.

The receiver is envisaged to have more powers, including to review and cancel deals that had been signed for assignments and off-settings. The receiver will be appointed by the court, at the proposal of the Bulgarian Deposit Insurance Fund.

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