Insolvency law case – successful representation of foreign administrator

Nater Dallafior successfully advised and represented the foreign insolvency administrator of the insolvent Baltic bank AB Bankas Snoras in connection with the enforcement of claims in Switzerland.

AB Bankas Snoras was a commercial bank, founded in Lithuania, operating in all three Baltic states. In 2011, AB Bankas Snoras was declared bankrupt. Former top executives and shareholders of Snoras embezzled significant amounts, thereby wiring assets to accounts in Switzerland.

AB Bankas Snoras' insolvency administrator entered into a settlement with the Swiss Bank Julius Baer & Co. Ltd., by which they agreed to settle and close a legacy litigation matter. The settlement obligated Bank Julius Baer & Co. Ltd. to pay AB Bankas Snoras the amount of EUR 105 million.

The insolvency administrator keeps pursuing the recovery of damage claims against other parties, including former shareholders, executives and other persons.

The law firm TGS Baltic (with offices in Tallinn, Tartu, Riga and Vilnius) was the lead advisor. Nater Dallafior, together with Lalive, advised and represented the insolvency administrator on all aspects pertaining to Switzerland.

Nater Dallafior's team consisted of Roberto Dallafior, Benjamin Schumacher, Zoe De Santis and Tobias Thaler.

For further information see: https://sc.bns.lt/view/item/434523