Activity of provisional administration to manage CB Geobank (LLC) terminated
On 10 August 2021, the Bank of Russia terminated the activity of the provisional administration1 appointed to manage credit institution CB Geobank (LLC) (hereinafter, the Bank).
According to the assessment of the provisional administration, the value of the Bank’s assets is insufficient to fulfil its obligations to creditors.
On 27 July 2021, the Court of Arbitration of the City of Moscow ruled to recognise the Bank as insolvent (bankrupt) and initiate bankruptcy proceedings. The State Corporation Deposit Insurance Agency was appointed as a receiver.
Further information on the results of the provisional administration’s activity is available on the Bank of Russia website.
Settlements with the Bank’s creditors will be made in the course of the bankruptcy proceeding as the Bank’s assets are sold (enforced). The quality of these assets is the responsibility of the Bank’s former management and owners.
1 The provisional administration was appointed by Bank of Russia Order No. OD-535, dated 2 April 2021, due to the revocation of the banking licence from the Bank.
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10.08.2021 17.00.00