LAWIN represents interests of a large group of creditors in the insolvency of nationalised SNORAS bank, the largest bank insolvency in the history of Lithuania

On November 16, 2011, the Government of Lithuania nationalised the third largest Lithuanian commercial bank Snoras, and the Central Bank of Lithuania declared a moratorium of banking operations and appointed a temporary administrator for the bank. This was done with the understanding that the bank’s insolvency was imminent due to possible mismanagement or even criminal actions of the former owners and managers. On November 24, 2011 the Central Bank of Lithuania declared the bank insolvent and on November 28, 2011 it filed for bankruptcy in court.

In this situation, LAWIN has undertaken the role of representing a pool of unsecured creditors, whose claims exceed the threshold for amounts covered by the State deposit insurance scheme. LAWIN partner Dovile Burgiene, leading the project team, says: “the process has just started, but we have already secured a large amount of claims represented, which gives us the possibility to be very active in the process of seeking to recover as much value as possible for our clients.”

Please contact LAWIN partner Dovile Burgiene in case you have any questions regarding bank Snoras.