Activity of provisional administration to manage bank Megapolice, Ltd
On 23 June 2021, the Bank of Russia terminated the activity of the provisional administration1 appointed to manage commercial bank Megapolice, Ltd (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 7 June 2021, the Arbitration Court of the Chuvash Republic recognised the Bank as insolvent (bankrupt) and initiated a bankruptcy proceeding against it. The State Corporation Deposit Insurance Agency was appointed as the receiver.
More details about the work of the provisional administration are 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-475, dated 26 March 2021, due to the revocation of the banking licence from commercial bank Megapolice, Ltd.
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23.06.2021 17.00.00