Bankruptcy proceeding against Corporate Commercial Bank stopped by Sofia City Court

Sofia City Court has stopped bankruptcy proceedings launched at Corporate Commercial Bank (CorpBank). This was done it the first court session on the bankruptcy case held on Monday 24 November 2014. The bankruptcy procedure was suspended due to the appeals filed by CorpBank’s majority shareholder – Bromak and other shareholders and depositors with the Supreme Administrative Court against the resolution of the Bulgarian National Bank for withdrawal of the bank’s license.

The court’s move will not affect repayment of deposits held at CorpBank by customers who have been waiting for months to have access to their savings. The repayment of deposits is scheduled to commence on 4 December 2014.