Alta Bank’s License Revoked as Bankruptcy Process Moves Into Its First Deadline

Alta Bank’s License Revoked as Bankruptcy Process Moves Into Its First Deadline
Alta Bank formally entered bankruptcy proceedings after the National Bank of Serbia revoked the lender’s operating license on October 30. The central bank said it had first conducted supervisory checks and imposed temporary measures, citing the need to protect depositors and other creditors and prevent wider effects on the economy.

The Commercial Court in Belgrade then invited creditors to submit secured and unsecured claims. They have 90 days from publication of the bankruptcy announcement in the Official Gazette to do so. The court also instructed Alta Bank’s debtors to meet their obligations to the bankruptcy estate.

The Deposit Insurance Agency has been appointed bankruptcy trustee. Within 60 days, it must inventory the bank’s assets and prepare an initial balance sheet, including a chronological review of significant transactions during the previous six months. An examination hearing to establish the final list of claims must be scheduled no later than 60 days after the claims deadline expires.

For depositors, the agency’s board selected Banka Poštanska štedionica to pay insured amounts. The agency said it would publish the payment start date and a list of participating branches by Friday, November 6, while payments must begin within seven working days.

The supplied opposition material did not present a position on Alta Bank; it concerned actor Johnny Depp’s possible return to the Pirates of the Caribbean franchise. As a result, no competing political interpretation of the bank’s failure was included in the available material.