Sberbank CZ Insolvency proceedings
The commencement of the insolvency proceedings does not in any way influence the duration and amount of the creditorsʼ receivables from Sberbank CZ. The amount of a receivable does not change as a result of the commencement of the insolvency proceedings.
The receivables of creditors from Sberbank CZ recorded in its accounting are considered to be automatically registered immediately upon bankruptcy being declared over the assets of Sberbank CZ. The insolvency court will decide on the declaration of bankruptcy based on an insolvency petition filed by Sberbank CZ. The accounting of Sberbank CZ reflects all receivables known to it, such as receivables on account of the deposit in an account, unpaid invoices, pro-rata portion of a loyalty bonus, safe deposit box rental overcharge, refundable deposit for the issuance of keys to a safe deposit box, bonuses upon due repayment of a “bonus loan,” etc. Therefore, please do not register these receivables.
However, if a receivable is not recorded in the accounting of Sberbank CZ, the creditor must register such receivable in the insolvency proceedings so that the receivable could be satisfied in these proceedings according to the rules of the Insolvency Act.
It is not necessary to register receivables from deposits of Sberbank CZʼs clients in the insolvency proceedings, as the receivables of creditors recorded in the accounting of Sberbank CZ are considered to be registered at the time when bankruptcy is declared over the assets of Sberbank CZ. The insolvency court will decide on the declaration of bankruptcy based on the insolvency petition filed by Sberbank CZ.
Creditors of Sberbank CZ whose receivables are not recorded in its accounting for any reason may register their receivables in the insolvency proceedings according to the rules set forth in the Insolvency Act.
The claim of a creditor for compensation for an insured receivable out of the Deposit Guarantee Fund is not included in the amount of the receivable.
Example A
The aggregate of insured deposits of a client (including interest) as maintained with Sberbank CZ does not exceed the equivalent of EUR 100,000 (approximately CZK 2.5 million) and the receivable is satisfied out of the Deposit Guarantee Fund in the form of providing compensation for the receivable on account of a guaranteed deposit. The receivable of the client does not exceed the statutory limit, as a result of which it is not registered in the insolvency proceedings. This original receivable of the client is satisfied by the compensation paid out of the Deposit Guarantee Fund.
Example B
The aggregate of insured deposits of a client (including interest) as maintained with Sberbank CZ exceeds the equivalent of EUR 100,000 (approximately CZK 2.5 million). The receivable of the client exceeds the statutory limit for deposit insurance, as a result of which the clientʼs receivable in the amount exceeding the statutory limit for deposit insurance is registered in the insolvency proceedings, with such receivable being considered registered automatically in the amount exceeding the statutory limit of deposit insurance.
If the Municipal Court in Prague declares bankruptcy over the assets of Sberbank CZ, the insolvency trustee will send a notification to each creditor having a receivable recorded in the accounting of Sberbank CZ, informing the creditor about the amount of their receivable from Sberbank CZ and that their receivable is considered to be registered.
If a creditor does not receive any notification whatsoever regarding their receivable from the insolvency trustee, they may raise an objection with the insolvency trustee within 3 months from the publication date of an extract from the decision on the declaration of bankruptcy in the Official Journal of the European Union; in their objection, the creditor will state that the insolvency trustee has not delivered any notification to the creditor regarding their receivable and specify the amount of their receivable from Sberbank CZ as of the date on which bankruptcy was declared over the assets of Sberbank CZ.
The commencement of the insolvency proceedings has no influence on the duty of the clients to repay their debts to Sberbank CZ. Agreements concluded with Sberbank CZ continue to be valid and effective. The commencement of the insolvency proceedings also has no influence upon the due date of the clientsʼ debts, which remains unchanged under the original conditions.