Sberbank's administrator has applied for approval to pay CZK 57 billion to 16,000 creditors
The insolvency administrator of Sberbank CZ, Jiřina Lužová, has asked the insolvency court to approve the payment of CZK 57 billion to some 16,000 creditors in the form of a partial distribution. All groups of creditors could thus receive 95 percent of their claims this year. If the court approves the payout, it could start in mid-December this year.
Under the financial market guarantee system, individuals and small-medium enterprises will eventually receive 100 percent of claims, while large enterprises and municipalities will receive at least 95 percent.
The Prague City Court declared bankruptcy on Sberbank CZ at the end of last August. The CNB finally revoked the bank's banking licence in early May and the Prague City Court then sent the bank into liquidation. The CNB initiated the steps to revoke the licence on 28 February 2022. The reason was the deterioration of Sberbank CZ's situation due to the outflow of deposits after the Russian invasion of Ukraine.
If the insolvency court allows the partial distribution, the 15-day period for possible appeals will begin. If none of the creditors oppose the process, the insolvency administrator will start the payout as soon as possible after the insolvency court's decision to allow the partial distribution becomes final.
"This is another important milestone on the way to paying out the money to the creditors of Sberbank CZ. It will now depend on them whether they will get their money this year. It is important to remember that even a single appeal can jeopardise the payment of 16,000 creditors," Lužová said.
In her words, she is intensively preparing all the documents for the actual act of payment. "We are now checking the correct identification of the persons entitled to the payout in the created database of creditors so that nothing will prevent the whole process from starting in due time," Lužová added. With a few exceptions, the entire payout will be carried out by Komerční banka, which already has experience with the payment of the guarantee fund. Creditors will be informed immediately after the partial schedule becomes legally effective about the procedure for claiming their money.
Clients with deposits up to EUR 100,000, i.e. about CZK 2.5 million, have already been paid by the Financial Market Guarantee System. It has so far reimbursed the deposits of more than 87,000 Sberbank CZ clients through Komerční banka branches. They have received over CZK 25 billion. The Guarantee System began paying out deposit refunds from the failed Sberbank CZ on 9 March 2022, seven working days after the bank's collapse.
The bank will continue to manage the remainder of the loan portfolio and other assets that were not part of the purchase agreement with Česká spořitelna or the package of non-performing loans sold to a non-banking company in July this year.
Source: ČTK and Hospodářské noviny