Regulatory Alerts2003-10-23
Ordinance No 33 on the Assignee’s in Bankruptcy Remuneration
The Governing Council of the Bulgarian National Bank issued this Ordinance to establish the mechanism for determining and reducing the monthly remuneration of assignees in bankruptcy for bankrupt banks. The Deposit Insurance Fund's Management Board sets remuneration as a fixed amount during the pre-liquidation phase or as a percentage of liquidated assets and collected claims thereafter, with specific rates defined by asset type. The regulation also outlines procedures for reducing pay due to violations, granting additional remuneration for successful outcomes, and ensuring compliance through periodic examinations.
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