Bank's administrator secures extension of bankruptcy proceedings
MOSCOW, September 13 - RAPSI, Dmitry Shchitov. A commercial court extended on Monday the bankruptcy administration of Econatsbank of Moscow until January 27, a court official told the Russian Legal Information Agency (RAPSI).
The extension request was filed with the Moscow Commercial Court by Econatsbank's administrator - the Deposits Insurance Agency.
The administrator argued that it needed more time to dispose of the bank's assets, and to collect loan repayments and other receivables. The Central Bank did not object to the extension.
The banking license was withdrawn from the bank on November 12, 2008. Econatsbank participates in the mandatory deposits insurance system, which is administered by the Deposits Insurance Agency.