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Atlas Bank has lost the license
06.08.2015
Disputes with the Central Bank to recover the banking licenses are among the least promising lines of litigation for banks. Such disputes, even when there are chances of success, may have an unexpected outcome.
Partner of the Law Firm "YUST" Alexander Bolomatov commented for the Kommersant newspaper on the liquidation of the subsidiary of the Atlas Banka of Montenegro. The subsidiary was able to prove in courts the illegality of application of the extreme measures by the regulator, but unable to remain a legal entity and to enjoy the fruits of the victory.
Alexander Bolomatov is convinced that the bank’s situation is practically hopeless: “The owners certainly can contest the exclusion from the USRLE; they also can demand that the Central Bank execute the court’s decision on return of the license”.
Read more
Disputes with the Central Bank to recover the banking licenses are among the least promising lines of litigation for banks. Such disputes, even when there are chances of success, may have an unexpected outcome.
Partner of the Law Firm "YUST" Alexander Bolomatov commented for the Kommersant newspaper on the liquidation of the subsidiary of the Atlas Banka of Montenegro. The subsidiary was able to prove in courts the illegality of application of the extreme measures by the regulator, but unable to remain a legal entity and to enjoy the fruits of the victory.
Alexander Bolomatov is convinced that the bank’s situation is practically hopeless: “The owners certainly can contest the exclusion from the USRLE; they also can demand that the Central Bank execute the court’s decision on return of the license”.
Read more
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