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Bank Michael recovered

Банк Михайловский может восстановить работуThe court declared the liquidation of the Bank Mikhailovsky illegal.

The district administrative court of Kiev recognized illegal liquidation of the Bank Mikhailovsky. This is reported by “Ukrainian news” with reference to the materials of the court.

So, the court stated that the transfers 1,507 billion from the account of OOO “Investment and settlement center” to the accounts of natural persons increased while the obligations of the guarantee Fund of individuals ‘ deposits, but was not “transactions,” the Bank because the Bank “Michael” was not a party to the loan agreements, but only to carry out orders of the client.

On this basis, the court decided that the Bank “Michael” has not carried out operations, which result in its obligations to physical persons within the limits of the guaranteed amount has increased due to the reduction of liabilities to legal entities, hence, reasons for insolvency were not.

The court refused to oblige the NBU to perform all the necessary actions to restore the functioning of the Bank “Michael” as a Bank.

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