21.06.2018. ABLV Bank self-liquidation process started, creditors are allowed to submit their claims

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On June 12, 2018, the Financial and Capital Market Commission gave consent to ABLV Bank to conduct a controlled self-liquidation process.

From June 18, the creditors of ABLV Bank may submit their claims. Claims of creditors and other persons and any other claims can be submitted to the liquidators of ABLV Bank within three months.

After receiving all creditors’applications, there will be created a list of creditors. All applications will be reviewed within 3 months.

As such, depositors of ABLV Bank having deposit balances more than EUR 100 000 can start receiving back their money in December 2018. Since the Bank does not have a liquidity problem all obligations are planned to be fulfilled.

The process of the Bank’s liquidation is expected to last about five years. With the start of self-liquidation, the board of directors and the management board of the Bank lose their powers, and the liquidation committee of four liquidators becomes a decision-making body.