Dmitry Bazarov, a partner with the firm, comments on Vneshprombank’s moratorium on meeting creditor claims

The Central Bank has enacted a three-month moratorium on meeting creditor claims against Vneshprombank, starting December 22, 2015, as the bank failed to meet creditor claims on its liabilities within seven days of the due date, in accordance with article 18938 of the Federal Law “On Insolvency (Bankruptcy).” Previously, the Central Bank disconnected Vneshprombank from BESP (Banking Electronic Speed Payment) System and appointed a temporary administrator for six months.

Appointing a temporary administrator is not necessarily linked to license revocation,” says the partner with BGP Litigation, Dmitry Bazarov. “If the license is not revoked and a temporary administration is instituted, it can request that the Central Bank enact a moratorium on meeting creditor claims.

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