Commission to Assess Solution to Latvijas Krajbanka Insolvency
OREANDA-NEWS. February 02, 2012. The Financial and Capital Market Commission (hereinafter – the Commission) received a specified solution to the JSC "Latvijas Krajbanka" (hereinafter – the Bank) insolvency submitted by the Bank's insolvency administrator SIA "KPMG Baltics" (hereinafter – KPMG), reported the press-centre of Latvijas Krajbanka.
KPMG evaluated all the proposals submitted for the recovery of the Bank but none of them was accepted as workable. Therefore KPMG proposes the Bank’s bankruptcy as a suitable insolvency solution.
The Commission will decide on the accepting or rejecting of the KPMG decision within 30 days i.e. no later than 22 February 2012.
If the Commission decides on accepting the administrator's decision, KPMG will proceed to file a bankruptcy petition against the Bank to the court and the latter will decide on launching bankruptcy proceedings.
After the Commission decides either to accept or reject the KPMG decision it will communicate a final decision promptly.