Corporate Commercial Bank pronounced bankrupt

Since the five – member jury of the Supreme Administrative Court left without consideration the appeals filed by the majority shareholders in Corporate Commercial Bank against the decision of the Bulgarian National Bank to withdraw the banking license, the bankruptcy court proceedings were resumed.

In the last day of the statutory seven-day term the court announced its judgment by which it declared Corporate Commercial Bank bankrupt and determined 06 November 2014 as initial date of the bank’s insolvency – this was the day, on which the Bulgarian National Bank withdrew Corporate Commercial Bank ’s license.

With the judgment dated 22 April 2015, Sofia City Court opened the insolvency proceedings against the bank and enacted termination of bank’s activities, deprived its corporate bodies from their rights, imposed a general injunction over all its assets and started cashing of its property. The judgment can be appealed before Sofia Appellate Court within a seven-day term.