DEPOSIT GUARANTEE FUND (DGF)
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JSC JSCB «ARCADA»

Briefing note on winding-up of JSC JSCB «ARCADA» by the DGF

Full name of the bank being liquidated
JOINT-STOCK COMPANY JOINT-STOCK COMMERCIAL BANK «ARCADA»
Short name of the bank being liquidated
JSC JSCB «ARCADA»
Resolution of the National Bank of Ukraine (NBU) declaring insolvency of the bank
NBU Board Resolution dated August 25, 2020 # 541-рш/БТ on Classification of JOINT-STOCK COMPANY JOINT-STOCK COMMERCIAL BANK «ARCADA» to the Category of Insolvent.
Decision of the Deposit Guarantee Fund’s (hereinafter – the DGF) Executive Directorate introducing provisional administration in the bank
The DGF Executive Directorate issued Decision dated August 25, 2020 # 1583 on Introducing Provisional Administration in JSC JSCB «ARCADA» and Delegation of Powers of the Provisional Administrator.
Duration of provisional administration
From August 26, 2020 through September 24, 2020, JSC JSCB «ARCADA» was under provisional administration. The DGF carried out the provisional administration through the authorized officer.
NBU resolution on liquidation
On September 24, 2020, the NBU Board approved Resolution # 601-рш on Revocation of the Banking License and Liquidation of JOINT-STOCK COMPANY JOINT-STOCK COMMERCIAL BANK «ARCADA».
DGF Executive Directorate’s decision on commencement of the liquidation procedure
On September 25, 2020, the DGF Executive Directorate issued Decision # 1744 on Commencement of Liquidation Procedure of JSC JSCB «ARCADA» and Delegation of Powers of the Bank Liquidator. In accordance with Subparagraph 1 of Part 2 of Article 46 of the Law of Ukraine on the Household Deposit Guarantee Scheme (hereinafter – the Law), from the starting day of the bank liquidation procedure terminated shall be all the powers of the bank governance bodies (general meeting, supervisory board and management board) and bodies of control (audit committee and internal audit). Senior managers of the bank are dismissed in connection with the bank liquidation.
Starting day of the bank liquidation
On September 25, 2020, the DGF initiated the liquidation procedure of JSC JSCB «ARCADA», appointed the DGF authorized officer and delegated to him the powers of JSC JSCB «ARCADA» liquidator.
Date when the bank liquidation was announced
On October 1, 2020, the official announcement of JSC JSCB «ARCADA» liquidation was published in the Holos Ukrainy newspaper.
Deposit payout period
From September 11, 2020 to July 04, 2024
Liquidation procedure period
Liquidation procedure of JSC JSCB «ARCADA» lasted from September 25, 2020 to July 29, 2024
Date of making an entry into the Unified State Register of Legal Entities and record number
On July 29, 2024, record #1000701110056002945 on the state registration of JSC JSCB «ARCADA» termination was entered into the Unified State Register of Legal Entities, Sole Proprietors and Public Associations.
Special powers of DGF in terms of recovering damages (loses) caused to the bank and/or its creditors
According to Part 7 of Article 52 of the Law, the DGF enjoys the right to apply to courts of an appropriate jurisdiction (including foreign courts) with a lawsuit seeking damages (losses) caused to the bank in case of:
- finding the decisions, actions or omissions resulted in damages (losses) to the bank and/or its creditors;
- identifying the persons who contributed to such decisions-making, actions or omissions and/or received pecuniary benefits;
- determining the amount of damages (losses) suffered.
 DGF enjoys the right to file such lawsuits with the courts of an appropriate jurisdiction (including foreign courts) during the bank liquidation procedure and three years after making the bank termination record (special statute of limitations).