The Municipal Court in Prague today approved the payment of 57 billion crowns to approximately 16,000 creditors of the bankrupt Sberbank CZ in the form of a partial schedule. All creditor groups could thus receive 95 percent of their claims within two months. This follows from the information published in the insolvency register. This was pointed out by the e15 server.
The Prague Municipal Court declared Sberbank CZ bankrupt at the end of last August. At the beginning of May, the Czech National Bank legally revoked the bank’s banking license, and the Prague Municipal Court then sent the bank into liquidation. Steps to revoke the license were initiated by the CNB on February 28, 2022. The reason was the deterioration of the situation of Sberbank CZ due to the outflow of deposits after the start of the Russian invasion of Ukraine.
The payout could start in mid-December this year. After today’s court decision, a fifteen-day period for possible appeals will begin. If none of the creditors opposes the process, the insolvency administrator Jiřina Lužová will start the payment as soon as possible, according to her earlier statements.
The guarantee system of the financial market, natural persons and small and medium-sized enterprises will eventually receive 100 percent of the claims, large enterprises and cities and municipalities at least 95 percent.
Clients with deposits of up to 100,000 euros, i.e. roughly 2.5 million crowns, have already been paid out by the Financial Market Guarantee System. Through the branches of Komerční banka, he has so far paid out the deposit compensation of more than 87,000 clients of Sberbank CZ. They received over 25 billion crowns. The Guarantee System began paying deposit refunds from the bankrupt Sberbank CZ on March 9, 2022, i.e. seven working days after the bank’s collapse.
The bank will continue to manage the remaining part of the loan portfolio and other assets that were not part of the purchase agreement concluded with Česká spořitelna or the package of non-performing loans sold to a non-banking company in July this year.
After Česká spořitelna paid over 41 billion for a package of Sberbank loans in April, and subsequently managed to sell a series of corporate bonds for hundreds of millions of crowns from the assets of the failed bank, and a package of bad loans was also cashed in for hundreds of millions less, Sberbank has practically all the money for payments already in its accounts.