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WDB Bank's bankruptcy procedure extended

13:05 30/08/2013

MOSCOW, August 30 (RAPSI) - The Saratov Region Commercial Court has extended the bankruptcy procedure of the Wolga Deutsche Bank (WDB) for six months, the court told RAPSI on Friday.

According to the Deposit Insurance Agency, which is acting as the Saratov-based bank's bankruptcy receiver, generated bankrupt's assets allowed to forward 745,2 million rubles to the settlements with creditors and pay 31,8% of the total stated amount to 558 first-priority creditors.

The Central Bank revoked the bank's license on May 7, 2009 for falsifying reports, as well as for reducing its capital adequacy below two percent and its own capitalization below the required minimum.

The Central Bank later filed for the WDB Bank's bankruptcy with the Saratov Commercial Court, which launched the hearings on June 18, 2009.

The case was suspended in September 2009 after the conflicting parties submitted two different bankruptcy requests to the court on September 14 that included contradictory evaluations of the bank's assets as of the same date.

The case was not resumed until April 2010.A financial evaluation was ordered from the forensic expert center in the Saratov region to resolve the issue.

On June 17, 2010, the commercial court rejected the Central Bank's request to bankrupt the WDB Bank.

The Central Bank appealed the decision with the Twelfth Commercial Court of Appeals, which upheld its claim on August 19, 2010, thus overruling the lower court decision and recognizing the WDB Bank as bankrupt.

The court ordered receivership for one year and appointed the state-run agency as the bankruptcy receiver.

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WDB Bank's bankruptcy procedure extended

13:05 30/08/2013 The Saratov Region Commercial Court has extended the bankruptcy procedure of the Wolga Deutsche Bank (WDB) for six months, the court told RAPSI on Friday.
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