Parliament Conclusively Amends Bank Bankruptcy Act

Parliament Conclusively Amends Bank Bankruptcy Act

On Friday, the National Assembly passed conclusively amendments to the Bank Bankruptcy Act, moved by three MPs of the Movement for Rights and Freedoms: Delyan Peevski, Yordan Tsonev and Hamid Hamid and prompted by the Corpbank failure.
Under the law, any striking of collaterals will be declared null if done after the bank is placed under special supervision and until the monetization of its assets commences. Any transactions whereby a bank' debtors transfer participating interests or shares after the bank is placed under special supervision will be invalid.

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