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Latvian composer applies to court about Krajbanka’s bankruptcy
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Raimonds Pauls
Several individuals, among them also the famous Latvian composer Raimonds Pauls, have applied to the court with a claim about several provisions’ of the Credit Institutions Law, as well as Civil Procedure Law’s non-compliance with the Constitution.
The private persons’ claim is related to the insolvency matter of Latvijas Krajbanka – to creditors’ rights to decide on the recovery plan, as well as, in the case of the bank’s bankruptcy proceedings, – rights to participate in distribution of the recovered money. At the moment it is not clear whether the Constitutional Court will institute these proceedings, the newspaper Dienas Bizness writes.
As already reported, Raimonds Pauls had almost million euro (700 000 lats) deposited in Latvijas Krajbanka which was declared insolvent last year.
As the bank’s insolvency administrator was appointed SIA KPMG Baltics with its legal representative Janis Ozolins who received several proposals for the recovery of Latvijas Krajbanka. However, the administrator pointed out that none of them is possible to be implemented in practice, and submitted to FCMC a solution of Latvijas Krajbanka‘s insolvency – a bankruptcy.
Ref: 104.110.110.312
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