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News - August 11, 2023

By decision of the Court of Economic Affairs dated 24 March 2023 in Civil Case No. C75010823, Baltic International Bank SE, reg. No. 40003127883, was recognised as an institution to be liquidated and the process of its liquidation was initiated. Olavs Cers, a sworn attorney, was appointed as the liquidator of Baltic International Bank SE, hereinafter referred to as the Liquidator.

The Liquidator hereby announces that the first meeting of creditors of Baltic International Bank SE under Liquidation will be held in the conference hall Berlin of Bellevue Park Hotel Riga, 1 Slokas Street, Riga, at 11:00 a.m. on 29 September 2023. Registration for the meeting starts at 10:00 a.m.

Agenda of the meeting:

  1. Adoption of the regulations of the meeting.
  2. Election of the representatives of the meeting of creditors for signing the minutes of the meeting of creditors.
  3. The Liquidator’s report.
  4. Approval of the liquidation plan.
  5. Determining the amount of the Liquidator’s remuneration and other expenses related to the liquidation process.
  6. Determining the procedure for the expropriation of the property of the credit institution under liquidation.
  7. Calling in specialists.
  8. Conclusion of amicable settlements in the liquidation process of the credit institution.
  9. Election of the creditors’ committee.

The meeting of creditors will be held in the official language. Creditors have the right to participate in the meeting in person or through an authorised representative.

The amount of the claims of the creditors of Baltic International Bank SE under Liquidation as at the day of initiation of the liquidation process was EUR 88,064,144.95. Creditors whose claims exceed 1% of the sum of all creditors’ claims are invited to participate in the meeting of creditors of Baltic International Bank SE under Liquidation. Creditors whose claims do not reach 1% of the total amount of all claims have the right to group together and authorise a representative to represent them.

Creditors have the right to authorise no more than one representative to represent them. All creditors who plan to participate in the meeting of creditors through an authorised representative are asked to submit documents certifying the right of representation to the Liquidator in good time, but no later than ten business days before the date of the meeting, addressing them to Olavs Cers, Liquidator of Baltic International Bank SE under Liquidation, in any of the ways indicated below:

  • in person at 6 Grēcinieku Street, Riga, on business days from 10:00 a.m. to 4:00 p.m.
  • by registered mail to the address 6 Grēcinieku Street, Riga, LV-1050, Latvia
  • by sending them as electronic documents prepared in accordance with the Electronic Documents Law to the electronic mail address of the credit institution: secretary@bib.eu

The creditor’s representation can be implemented with a power of attorney prepared and certified by a notary, specifying the scope of the authorisation, including the right to participate and vote in the meeting of creditors. If documents confirming the right to represent the creditor at the meeting of creditors are attached to the submitted creditor’s claim, they do not need to be submitted again, presenting their original at the time of registration if a copy is attached to the claim, or a copy if the original is attached to the claim.


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