Bulgaria Court to Hold Hearing on KTB Insolvency Case on 15 April

The Sofia City Court (SCC) has resumed proceedings on the insolvency case of Corporate Commercial Bank (Corpbank or KTB).

Court hearings will be held on 15 April starting at 10 a.m. (0700 GMT), legalworld.bg reported on Friday.   

The resumption of the lawsuit became possible after the Supreme Administrative Court on Thursday definitively refused to consider an appeal of the central bank’s decision to cancel the KTB’s banking licence filed by the bank’s majority owner Bromak and other shareholders including the Bulgarian Acquisition Company II.

SCC Judge Ivo Dachev has summoned KTB, through its two temporary receivers appointed earlier last month, Bulgaria's central bank, the Bulgarian Deposit Insurance Fund as well as Bromak, the Bulgarian Acquisition Company II and a representative of Sofia City Prosecutors’ Office for the hearing on 15 April.

Judge Dachev has also asked the sides to the lawsuit to state by 15 April whether they want hearing to be held behind closed doors or explicitly agree to public hearing.

Bulgaria's central bank revoked KTB's banking licence and asked the SCC to declare it insolvent in November of last year. The central bank seized control of KTB and appointed administrators in June following a run on deposits at the country's fourth-largest lender.

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