Activity of provisional administration to manage Roznichnoye i Korporativnoye Strahovaniye LLC terminated
On 15 July 2021,1 the Bank of Russia terminated activity of the provisional administration2 appointed to manage Roznichnoye i Korporativnoye Strakhovaniye Limited liability Company (hereinafter, the insurer).
The provisional administration established facts of operations/transactions conducted to withdraw the insurer's liquid assets (property) and recognition of cash funds that were not actually available in its accounting records.
The provisional administration filed a relevant complaint to the law enforcement agencies regarding the facts detected.
The provisional administration carried out analysis of the insurer's financial standing and revealed that it lacked sufficient property (assets) to fulfil all its obligations to its creditors and make mandatory payments.
On 15 July 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 a 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.
1 Bank of Russia Order No. OD-1509, dated 19.07.2021, on the termination of activity of the provisional administration to manage Roznichnoye i Korporativnoye Strakhovaniye Limited liability Company.
2 The provisional administration was appointed by Bank of Russia Order No. OD-2175, dated 25 December 2020, due to the revocation of insurance licences of the insurer.
The reference to the Press Service is mandatory if you intend to use this material.
30.07.2021 09.00.00