Sofia City Court To Hold First Session On KTB Insolvency Case

The Sofia City Court (SCC) will hold its first session on the Corporate Commercial Bank (KTB) insolvency case on Monday.

Last week the majority owner Bromak had filed an appeal with the Supreme Administrative Court (SAC) over the central bank's decision to withdraw KTB's banking licence.

The City Court will hear the sides and will deliberate whether to move the appeal to SAC, which will mean that the insolvency proceedings will be suspended until the case is in the SAC.

The SCC hearing will be held behind closed doors. The court will question representatives of KTB, the Bulgarian National Bank, Sofia City Prosecution and the Deposit Insurance Fund (DIF).

Meanwhile, also on Monday, the DIF will announce the nine banks who will pay off the guaranteed KTB deposits.

The payments are due to start on December 4.