Receivership Procedures In Toribank Completed

The Moscow City Arbitration Court has completed the receivership procedures in Toribank. Yelena Rebgun, the receiver for the bank, made a request to finish the procedures at the court session. The Central Bank of Russia had opposed ending of the receivership procedures in Toribank, because the bank did not submit some of the documents dealing with the completion of these procedures to the Central Bank for approval. According to information from Rebgun, the debts to 441 priority creditors worth 45.6 million rubles (about $1.5 million) and the debts to 27 'second-turn' creditors worth 555,200 rubles (about $18,336) were fully repaid. Additionally, the debt to the 'fourth-turn' creditors (about 255 million rubles - $8.4 million) has been repaid by 58.5%. The debts to the 932 'fifth-turn' creditors worth over 2.7 billion rubles (about $89.2 million) have not been repaid. The total volume of the bank's debts to its creditors is 3.2 billion rubles (about $105.7 million). Over 34 million rubles (about $1.1 million) were spent on the receivership procedures, Rebgun reported. As it was reported earlier, the Moscow Arbitration Court declared the bank insolvent on February 16, 2000 at a request from the Atlant-Soyuz closed corporation.

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