BTA Bank’s Restructuring Proceedings Gain Permanent Protection of the British Courts24.12.2012
Almaty, 24 December 2012 – “BTA Bank” JSC (the “Bank”) is pleased to announce that on 19 December 2012 the High Court of Justice of England and Wales granted an order in relation to the stay imposed by the Recognition Order granted by the High Court of Justice of England and Wales on 11 July 2012 (the “Recognition Order”). This order and the Recognition Order were granted pursuant to the UNCITRAL Model Law on cross-border insolvency which has been enacted in England and Wales in the Cross Border Insolvency Regulations 2006.
The consequence of this order is that the stay granted by the Recognition Order shall continue in effect until further order so that no action or proceeding may be commenced against the Bank or its property in England in relation to the Bank’s obligations and liabilities which are the subject of the Restructuring Plan, even after the termination of the Restructuring by the Specialised Financial Court in Almaty.
The Bank’s management team very much appreciates the strong support shown by Claimants during this difficult time and looks forward to the successful completion of the Bank’s Restructuring.
Terms used in this press release and defined in the Information Memorandum of the Bank dated 8 November 2012, as supplemented, are used in this press release as so defined.