Switzerland Adjudged Snoras Bank to Be a Bankrupt

Switzerland Adjudged Snoras Bank to Be a Bankrupt

Snoras banks’ press-service reported the Swiss financial markets control authority (FINMA) declared it bankrupt.

The Snoras bankruptcy procedure in Switzerland started in March 2012 and was completed recently, on July 19. Snoras adjudication in bankruptcy was necessary to get the bank’s funds from the correspondent accounts in Swiss banks (the total amount is about CHF 2,8 million). Now those funds can be used to settle the claims of the bank’s creditors.

It is to be recalled that last November Lithuanian government resolved to liquidate Snoras bank due to the numerous violations of statutory requirements and bad status of its assets.

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