AS “PNB Banka” Insolvency Proceedings

Vigo Krastiņš, Partner of Skrastiņš & Dzenis, was appointed as an Administrator of insolvency proceedings of AS “PNB Banka”. His appointment was recommended by the Financial and Capital Market Commission (the FCMC) and approved by the Court in mid-September 2019.

Vigo Krastiņš and Senior Partner Verners Skrastiņš (leading both Dispute Resolution and Banking and Finance practices of Skrastiņš & Dzenis) have taken control over the Bank and have started to manage insolvency proceedings taking over Bank’s assets and Bank’s subsidiaries to develop and execute a liquidation strategy and plan. Bank owns assets in various jurisdictions, such as the United Kingdom, Russia, Malta, Cyprus, Bulgaria.

Vigo Krastins is responsible for every day management of the Bank, including maintenance and recovery of assets, adoption and implementation of AML/CFT methodology and procedures, cooperation with the FCMC and the Financial Intelligence Unit.

In the best interests of the creditors the Big Four accounting firm Ernst & Young Baltic was engaged to support the Bank’s insolvency proceedings.

Skrastiņš & Dzenis is involved from the outset in rendering legal assistance to the insolvent bank and provides administrative and legal support to the Administrator’s team in a number of matters related to various disputes, litigation and international arbitration proceedings, including, inter alia, such fora as the International Centre for the Settlement of Investment Disputes (ICSID) and the London Court of International Arbitration (LCIA).

In the process of close involvement into this large-scale insolvency proceedings Skrastiņš & Dzenis’ team gained extensive knowledge and hands-on experience in the areas of management of a credit portfolio, as well as AML and compliance matters.