SOFIA APPEAL COURT CONCLUDED CORPBANK INSOLVENCY CASE IN ONE HEARING

The case on the insolvency of Corporate Commercial Bank at Sofia Appeal Court was concluded in one sitting on 19th of June.

Unlike the hearing at the first instance court, which was closed, the hearing at Sofia Appeal Court was open. The ruling is not expected for at least 2 weeks. The Bulgarian National Bank (BNB) and the Deposit Insurance Fund (DIF) insisted that, based on CorpBanks’s financial statements, the initial date of insolvency should be set as 30th of September 2014 rather than the date of revoking its license, 6th of November, as Sofia City Court ruled.

They requested the magistrates to amend the court ruling on this point. The judges rejected a request made by representatives of Corp Bank's shareholders asking the Appeal Court to suspend the case, as well as collection of new evidences. The lawyers argue that it is not clarified whether the bank was insolvent at all.

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