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Skrastins & Dzenis Partner Vigo Krastins Appointed Administrator of PNB Banka Insolvency Proceedings

Skrastins & Dzenis Partner Vigo Krastins Appointed Administrator of PNB Banka Insolvency Proceedings

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Skrastins & Dzenis Partner Vigo Krastins has been appointed an administrator of insolvency proceedings of AS PNB Banka in Latvia.

Krastins' appointment was recommended by the Financial and Capital Market Commission (the FCMC) and approved by the Court in mid-September 2019.

According to Skrastins & Dzenis, "Vigo Krastins and Senior Partner Verners Skrastins ...have taken control over the bank and have started to manage insolvency proceedings taking over the bank’s assets and bank’s subsidiaries to develop and execute a liquidation strategy and plan. The bank owns assets in various jurisdictions, such as the United Kingdom, Russia, Malta, Cyprus, and Bulgaria."

In addition, the firm reports, "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, [and] cooperation with the FCMC and the Financial Intelligence Unit."

Finally, the firm reports, "Skrastins & Dzenis [has been] 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 and the London Court of International Arbitration).

Ernst & Young Baltic was engaged to support the bank’s insolvency proceedings.

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