Briefing note on winding-up of JSC JSCB «ARCADA» by the DGF
Full name of the bank being liquidated | JOINT-STOCK COMPANY JOINT-STOCK COMMERCIAL BANK «ARCADA» |
Short name of the bank being liquidated | JSC JSCB «ARCADA» |
Resolution of the National Bank of Ukraine (NBU) declaring insolvency of the bank | NBU Board Resolution dated August 25, 2020 # 541-рш/БТ on Classification of JOINT-STOCK COMPANY JOINT-STOCK COMMERCIAL BANK «ARCADA» 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 August 25, 2020 # 1583 on Introducing Provisional Administration in JSC JSCB «ARCADA» and Delegation of Powers of the Provisional Administrator. |
Duration of provisional administration | From August 26, 2020 through September 24, 2020, JSC JSCB «ARCADA» was under provisional administration. The DGF carried out the provisional administration through the authorized officer. |
Date when the deposit payout commenced | Payment of the guaranteed amount to JSC JSCB «ARCADA»’s depositors commenced on September 11, 2020. |
NBU resolution on liquidation | On September 24, 2020, the NBU Board approved Resolution # 601-рш on Revocation of the Banking License and Liquidation of JOINT-STOCK COMPANY JOINT-STOCK COMMERCIAL BANK «ARCADA». |
DGF Executive Directorate’s decision on commencement of the liquidation procedure | On September 25, 2020, the DGF Executive Directorate issued Decision # 1744 on Commencement of Liquidation Procedure of JSC JSCB «ARCADA» 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 September 25, 2020, the DGF initiated the liquidation procedure of JSC JSCB «ARCADA», appointed the DGF authorized officer and delegated to him the powers of JSC JSCB «ARCADA» liquidator. |
Date when the bank liquidation was announced | On October 1, 2020, the official announcement of JSC JSCB «ARCADA» liquidation was published in the Holos Ukrainy newspaper. |
| Liquidator of JSC JSCB «ARCADA» | The DGF through the authorized officer under the Law. |
| Authorized officer | Illia V. Lunio, Lead Bank Liquidation Specialist of the Bank Liquidation Procedures Division, DGF Bank Liquidation Department. |
| Powers of the liquidator | Powers of the liquidator defined by the Law, particularly, by Articles 37, 38, 47-52, 521, 53, provide that the liquidator shall enjoy the right to sign any agreements related to the sales of the bank’s assets in the manner prescribed by this Law, except for the powers to organize the asset sales for the bank. |
| Special powers of DGF in terms of recovering damages (loses) 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). |