DEPOSIT GUARANTEE FUND (DGF)
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JSB «PORTO-FRANCO»

Briefing note on winding-up of JSB «PORTO-FRANCO» by the DGF

Full name of the bank being liquidated

PUBLIC JOINT STOCK COMPANY «JOINT-STOCK BANK «PORTO-FRANCO»
Short name of the bank being liquidated
JSB «PORTO-FRANCO»
Resolution of the National Bank of Ukraine (NBU) declaring insolvency of the bank
NBU Board’s Resolution dated September 26, 2014 # 610 on Classification of PUBLIC JOINT STOCK COMPANY «JOINT-STOCK BANK «PORTO-FRANCO» 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 September 26, 2014 # 103 on Introducing Provisional Administration in JSB «PORTO-FRANCO».
Duration of provisional administration
From September 29, 2014 through January 29, 2015, JSB «PORTO-FRANCO» was under provisional administration. The DGF carried out the provisional administration through the authorized officer.
NBU resolution on liquidation
On January 30, 2015, the NBU Board approved Resolution # 67 on Revocation of the Banking License and Liquidation of PUBLIC JOINT STOCK COMPANY «JOINT-STOCK BANK «PORTO-FRANCO».
DGF Executive Directorate’s decision on commencement of the liquidation procedure
On January 30, 2015, the DGF Executive Directorate issued Decision # 19 on Commencement of the Liquidation Procedure of JSB «PORTO-FRANCO» and Appointment of the DGF Officer Authorized to Liquidate the Bank. 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 January 30, 2015, the DGF initiated the liquidation procedure of JSB «PORTO-FRANCO», appointed the DGF authorized officer and delegated to the officer the powers of JSB «PORTO-FRANCO» liquidator.
Date when the bank liquidation was announced
On February 5, 2015, the official announcement of JSB «PORTO-FRANCO» liquidation was published in the Holos Ukrainy newspaper.
Deposit payout period
From December 10, 2014 to October 17, 2019.
Liquidation procedure period
Liquidation procedure of JSB «PORTO-FRANCO» lasted from January 30, 2015 to October 18, 2019.
Date of making an entry into the Unified State Register of Legal Entities and record number
On October 18, 2019, record #15561110049003068 on the state registration of JSB «PORTO-FRANCO» 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).