On Monday, 5 March, ABLV Bank submitted a draft voluntary liquidation plan application to the Financial and Capital Market Commission. The aim of the liquidation measures is to satisfy all claims of clients and creditors in full.
Voluntary liquidation plan provides for primarily ensuring disbursements under the Guaranteed Compensation Fund. The disbursement of deposits started on 3 March devoting EUR 480 million for it. The next important part of obligations to be covered is deposits of individuals and small and medium companies.
According to the voluntary liquidation plan, the obligations to the creditors shall be covered through quarterly payments disbursing all the free funds available at the given stage of the process that are not necessary for continuing the liquidation procedures. The draft plan implies that the first disbursements for covering obligations shall start in Q4 2018.