Cyprus Court to Decide on FBME Liquidation

FBME Liquidation and FBME Claim

This article contains details in regards to FBME Liquidation and FBME Claim.

On the 21st of December, the final hearing concluded the legal procedure of the application filed to the Nicosia District Court by the Central Bank of Cyprus for the winding up and liquidation of FBME (Cyprus) LTD (hereinafter referred to as “FBME”). The procedure for the payment of compensation from the Deposit Guarantee Fund for Banks in relation to deposits up to EUR 100,000 held in FBME still continues despite the liquidation procedure.

FBME Liquidation

Following the probable successful issuance of a court order approving the liquidation of FBME, the judge will further appoint an external liquidator who will investigate the assets and liabilities of the bank. Once this investigation is completed, the payments can be made to the depositors with blocked amounts as they are considered to be preferential creditors.

It is expected that by the beginning of February 2017 the Court shall reach its decision as to whether it shall issue an order for the liquidation of FBME.

FBME Claim

FBME Liquidation and FBME Claim

In any event it shall be very important for all the people who have their amounts blocked with FBME to proceed with action as on the one hand the Deposit Guaranteed Scheme (hereinafter referred to as “the DGS”) payments shall at some point come to an end (so the depositors would lose such right to receive the first guaranteed amount of EUR 100.000) and on the other hand to claim the remaining amount blocked in their bank accounts.

Why choose us for your FBME Claim

Our Law Firm currently represents almost 10% of the bank’s customers on a constant basis helping them to firstly receive amounts up to EUR 100.000 by the DGS and shall further represent them to receive their remaining blocked amounts in court procedures, as well as in the probable liquidation process of FBME, that is soon expected to start.

If you are interested in attending our event (in Moscow and/or in Kiev) concerning the liquidation of the FBME as well as the procedures governing compensation of blocked amounts, please let us know accordingly.