Sofia Court Suspends Insolvency Proceedings Against KTB
Sofia City Court has said it will have to suspend insolvency proceedings against Corporate Commercial Bank, or KTB, following an appeal by majority owner Bromak.
The court said it was informed on Wednesday that Bromak had filed an appeal with the Supreme Administrative Court (SAC) over the central bank's decision to withdraw KTB's banking licence, BGNES reported on Thursday.
Under Bulgaria's Law on Bank Bankruptcy if a central bank’s decision to scrap a lender's banking licence "has not entered into force due to a judicial appeal, the court shall suspend the proceedings until the end of the administrative legal controversy."
The central bank revoked KTB's banking licence on 6 November and asked Sofia City Court to declare KTB insolvent the following day.
The court was expected to start considering the central bank's request in a closed door-session on 24 November 2014.
- » Bulgaria’s Q4 Household Spending Rises 13%
- » UK to Seek EU Mutual Recognition Deal For Financial Services
- » Bitcoin is Currently over $10,000
- » The EU Economy with the Fastest Growth since 2007
- » Bulgaria's GDP Increases by 3.6% Per Year
- » Turkey Ranks for the 1st Time Among the top 10 Countries in the World with the Largest Reserves of Gold