BTA Bank’s Restructuring Proceedings Gain Recognition in the United Kingdom12.07.2012
BTA Bank JSC (the “Bank”) announces that the restructuring proceedings that have been commenced in respect of the Bank before the Specialised Financial Court in Almaty have been recognised in the United Kingdom as a foreign main proceeding. This recognition was granted by order of the High Court of Justice of England and Wales on 11 July 2012 pursuant to the UNCITRAL Model Law on cross-border insolvency as set out in the Cross Border Insolvency Regulations 2006.
This recognition is a part of the Bank’s current restructuring process and allows it to move forward without any possible delay from proceedings against the Bank or its assets since, subject to certain qualifications contained in the order, the Bank will be protected in the United Kingdom from:
(i) commencement or continuation of individual actions or individual proceedings concerning the Bank’s assets, rights, obligations or liabilities; and
(ii) execution against the Bank’s assets.