DEPOSIT GUARANTEE FUND (DGF)
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PJSC «BANK MYKHAILIVSKYI»

Briefing note on winding-up of PJSC «BANK MYKHAILIVSKYI» by the DGF

Full name of the bank being liquidated
PUBLIC JOINT-STOCK COMPANY «BANK MYKHAILIVSKYI»
Short name of the bank being liquidated
PJSC «BANK MYKHAILIVSKYI»
Resolution of the National Bank of Ukraine (NBU) declaring insolvency of the bank
NBU Board’s Resolution dated May 23, 2016 # 14/БТ on Classification of PUBLIC JOINT-STOCK COMPANY «BANK MYKHAILIVSKYI» to the Category of Insolvent.
Decision of the Deposit Guarantee Fund’s (hereinafter – the DGF) Executive Directorate introducing provisional administration in the bank
The DGF Executive Directorate issued Decision dated May 23, 2016 # 812 on Introducing Provisional Administration in PJSC «BANK MYKHAILIVSKYI» and Delegation of Powers of the Provisional Administrator.
Duration of provisional administration
From May 23, 2016 through July 12, 2016, PJSC «BANK MYKHAILIVSKYI» was under provisional administration. The DGF carried out the provisional administration through the authorized officer.
NBU resolution on liquidation
On July 12, 2016, the NBU Board approved Resolution # 124-рш on Revocation of the Banking License and Liquidation of PUBLIC JOINT-STOCK COMPANY «BANK MYKHAILIVSKYI».
DGF Executive Directorate’s decision on commencement of the liquidation procedure
On July 12, 2016, the DGF Executive Directorate issued Decision # 1213 on Commencement of the Liquidation Procedure of PJSC «BANK MYKHAILIVSKYI» and Delegation of Powers of the Bank Liquidator. In accordance with Subparagraph 1 of Part 2 of Article 46 of the Law of Ukraine on the Household Deposit Guarantee Scheme (hereinafter – the Law), from the starting day of the bank liquidation procedure terminated shall be all the powers of the bank governance bodies (general meeting, supervisory board and management board) and bodies of control (audit committee and internal audit). Senior managers of the bank are dismissed in connection with the bank liquidation.
Starting day of the bank liquidation
On July 13, 2016, the DGF initiated the liquidation procedure of PJSC «BANK MYKHAILIVSKYI», appointed the DGF authorized officer and delegated to the officer the powers of PJSC «BANK MYKHAILIVSKYI» liquidator.
Date when the bank liquidation was announced
On July 16, 2016, the official announcement of PJSC «BANK MYKHAILIVSKYI» liquidation was published in the Holos Ukrainy newspaper.
Date when the deposit payout commenced
Payment of the guaranteed amount to PJSC «BANK MYKHAILIVSKYI»’s depositors commenced on July 15, 2016.
Liquidator of PJSC «BANK MYKHAILIVSKYI»
From November 6, 2020, the powers of PJSC «BANK MYKHAILIVSKYI» liquidator defined by the Law are exercised directly by the DGF.
Powers of the liquidator
All powers of the bank liquidator defined by the Law.
Special powers of the DGF in terms of recovering damages (losses) caused to the bank and/or its creditors
According to Part 7 of Article 52 of the Law, the DGF enjoys the right to apply to courts of an appropriate jurisdiction (including foreign courts) with a lawsuit seeking damages (losses) caused to the bank in case of:
- finding the decisions, actions or omissions resulted in damages (losses) to the bank and/or its creditors;
- identifying the persons who contributed to such decisions-making, actions or omissions and/or received pecuniary benefits;
- determining the amount of damages (losses) suffered.
 DGF enjoys the right to file such lawsuits with the courts of an appropriate jurisdiction (including foreign courts) during the bank liquidation procedure and three years after making the bank termination record (special statute of limitations).