Activity of provisional administration to manage JSC Insurance Group Spasskiye Vorota-M terminated

On 22 April 2021,¹ the Bank of Russia terminated activity of the provisional administration² appointed to manage Joint-stock Company Insurance Group Spasskiye Vorota-M (hereinafter, the insurer).

The provisional administration established facts of operations/transactions conducted to withdraw the insurer’s liquid assets (property) and recognise property (real estate) in its balance sheet at an exaggerated value, as well as a deficiency in strictly controlled forms.

The provisional administration filed a relevant complaint to the law enforcement agencies regarding the facts detected.

The provisional administration carried out an analysis of the insurer’s financial standing and revealed that it lacked sufficient property (assets) to fuflill all its obligations to its creditors.

On 22 April 2021, the Arbitration Court of Moscow recognised the insurer as insolvent (bankrupt) and initiated a bankruptcy proceeding against it. The State Corporation Deposit Insurance Agency was appointed as receiver.

More details about the work of the provisional administration are available on the Bank of Russia website.

Settlements with the insurer’s creditors will be made in the course of the bankruptcy proceeding as its assets are sold (enforced). The quality of these assets is the responsibility of the insurer’s former management and owners.

The reference to the Press Service is mandatory if you intend to use this material.

¹ Bank of Russia Order No. OD-786, dated 27 April 2021, ‘On the termination of activity of the provisional administration to manage Joint-stock Company Insurance Group Spasskiye Vorota-M’.

² The provisional administration was appointed by Bank of Russia Order No. OD-2050, dated 10 December 2020, due to the revocation of insurance licences from the insurer.

The reference to the Press Service is mandatory if you intend to use this material.

30.04.2021 18.00.00