Today, 25 March 2015, on the grounds of Art. 12, para. 1, item 2 of the Law on Bank Bankruptcy (LBB), the Bulgarian Deposit Insurance Fund (BDIF) filed an application in Sofia City Court requesting the appointment of an interim trustee at Corporate Commercial Bank AD (KTB).
Due to the appeal of the decision of the Bulgarian National Bank to revoke the license of KTB the bankruptcy proceedings of the bank was withheld by order of the court until the conclusion of the litigation. The lingering for several months now dispute impedes the opening of the bankruptcy proceedings of KTB and inevitably leads to a reduction in the value of the bank’s assets and therefore to the reduction of the amount of funds to be restored.
BDIF Management Board having regard to the circumstances and on the grounds of the amendments to the LBB adopted by the National Assembly, effective as of 24 March 2015, and after the election in accordance with BDIF internal rules applies to the court for interim trustee of KTB to be appointed:
- Lazar Iliev, and
- Rossen Angueltchev.
The proposed persons are included in the list maintained by the Bulgarian National Bank, meet the requirements of Art. 25 of LBB and have expressed written consent to hold the office of interim trustee of KTB.
Mr. Lazar Iliev boasts extensive experience as a lawyer in the banking sector. Prior to his nomination for interim trustee Mr. Iliev was Secretary General of the National Audit Office, where between 2011 and 2014 he was head of Administration. From 2002 to 2010 he was with Central Cooperative Bank, initially as director of the Legal Department and in the last six years as a member of its Management Board and Executive Director. In the period from 1993 to 2002, Mr. Iliev is general counsel and director of the Legal Department in First Investment Bank. Before that, from 1989 to 1993, he worked as a lawyer in the Legal Directorate of the Bulgarian National Bank. From 1988 to 1989 he was assistant judge at the Sofia District Court.
Mr. Iliev is a Master of Law from Sofia University “St. Kliment Ohridski” and has passed a qualification course with Austrian Bankers College. He possesses high organizational skills and competencies in the fields of law, economics, finance and management of business processes acquired in the course of his professional development. Mr. Iliev is fluent in English and Russian.
Mr. Rossen Angueltchev has versatile experience as a lawyer. Prior to his nomination for interim trustee Mr. Angueltchev was State Expert with Energy Cooperation Directorate in the Ministry of Energy, where he worked since the beginning of 2015. From 2004 to 2015 he worked in the Ministry of Economy, where he held various positions – head of the Liquidation Department (2004-2006), Deputy Chairman of the Board of Directors of “Vazov Machine Works” EAD (2005-2006), Chief Expert in Capital Markets and Restructuring Directorate with the Corporate Governance and Restructuring Directorate (2006-2008) and state inspector in the International Controlled Trade and Security Directorate (2008-2015). From 2002 to 2004 he worked in Balkan Bulgarian Airlines (in bankruptcy), initially as General Counsel and later as Head of Overseas representative offices. He was assistant trustee in BEI MINERALBANK AD (in bankruptcy) in 2000-2001. Between 1997 and 2000 he was General Counsel with Private Agricultural and Investment Bank (in bankruptcy), and from 1992 to 1997 was Legal Adviser at First Private Bank. His career started with the Ministry of Foreign Affairs.
Mr. Angueltchev holds a degree in international law from the Moscow Institute of International Relations. He has good leadership skills and experience in the field of bankruptcy and company liquidation. Mr. Angueltchev is fluent in English and Russian.