2007-01-04 On Court Ruling Regarding the Acceptance of Petition to Put JSC OGRES KOMERCBANKA Into Liquidation

04.01.2007
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Press Release

On Court Ruling Regarding the Acceptance of Petition to Put JSC OGRES KOMERCBANKA Into Liquidation

On 27 December 2006, the Civil Court Collegium of the Riga Regional Court accepted the petition of the Financial and Capital Market Commission (hereinafter – the Commission) requesting to put the JSC OGRES KOMERCBANKA into liquidation. The court ruling was forwarded to the Commission on 29 December 2006 and received by the Commission on 2 January 2007.

Taking of the court decision on putting the JSC OGRES KOMERCBANKA into liquidation is designated on 10 January 2007.

Under the ruling of 27 December 2006, the Court decided to seize all assets of the JSC OGRES KOMERCBANKA pursuant to Section 373, Paragraph two of the Latvian Civil Procedure Law. Execution of the court ruling is within the competence of bailiffs.

Thus no payment orders will be executed until the appointment of a liquidator by the court.  Only the liquidator is in the position to decide to resume the execution of payments. The court shall decide on the appointment of the liquidator when hearing the petition for the liquidation of the JSC OGRES KOMERCBANKA at the court session on 10 January 2007.

The persons who have entered into contractual relationship with the JSC OGRES KOMERCBANKA (e.g. borrowers) must continue to meet their liabilities on time and to the full extent.

The Commission points out that currently the JSC OGRES KOMERCBANKA shows no indications of insolvency, however pursuant to the Deposit Guarantee Law if a bank is unable to fulfil its obligations to clients, the State guarantees compensation payments to each depositor (both physical entities and legal entities). In 2006, the guaranteed refund was LVL 9,000 to each depositor.

Laura Birzina
Public Relations Specialist
Financial and Capital Market Commission
Phone (+371) 777 4808
E-mail: laura.birzina@fktk.lv

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