General information

Interim Trustee of KTB AD (with revoked license):

• Lazar Iliev
• Rossen Angueltchev

Appointed by Sofia City Court on 25 March 2015 upon nomination by the BDIF Management Board.

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.

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The appointed by court interim trustee performs his functions by the time of appointment of the trustee (to the opening of bankruptcy proceedings, respectively).

Persons who may hold the office of an interim trustee shall be on the list maintained by the Bulgarian National Bank, meet the requirements set out in Art. 25 of the Law on Bank Bankruptcy and have given their written consent for holding the office.

The powers of the interim trustee is performed by at least two physical persons.

Under Art. 12a, para 2 of the Law on Bank Bankruptcy the interim trustee shall:

1. represent the bank with revoked license;
2. manage the bank’s operations;
3. preserve, enhance, and manage the property included in the bankruptcy estate;
4. receive in accordance with an inventory, preserve, and maintain the bank’s commercial books and commercial correspondence;
5. inquire about and identify the bank’s property;
6. in the circumstances provided for by the Law, demand termination, rescission, or annulment of transactions to which the bank is a party;
7. participate in proceedings to which the bank is a party and bring cases on the bank’s behalf;
8. collect the bank’s monetary claims;
9. with the permission of BDIF, to dispose with the moneys of the bank, including bank account balances in accounts held by the bank if required in connection with the administration and preservation of the property of the bank or with the effectuation of other expenditures;
10. demand suspension of execution in the events of actions or transactions carried out in violation of bans under Art. 3, para 2 of this Law or under Art. 116, para 2, items 2 – 4 of the Law on Credit Institutions;
11. file claims under Art. 59, para 3 or 5, Art. 60 and 60a of this Law and under Art. 135 of the Law on Obligations and Contracts and motions for collateral in connection with these, the deadlines specified in Art. 60, para 1 and 2 having to be calculated with reference to the date at which the bank was subjected to conservatorship, pursuant to the provisions of Chapter 11, Section VІІІ of the Law on Credit Institutions Act including imposed measure under Art. 116, para 2, item 2 therein;
12. with the consent of or at the proposal by BDIF Management Board the interim trustee commissions entities with relevant international financial forensics experience to carry out investigative activities and recommend to the interim trustee actions for preservation and retrieval to the bank’s estate of assets, which the bank has disposed of in breach of law, good banking practices and / or where the given considerably exceeds the received, as well as in the case of loans granted with insufficient or no collateral, or accommodating related parties, where those actions or transactions has led to the deterioration of the bank’s financial condition.

The temporary receiver shall submit to BDIF weekly reports of his/her activity describing all his/her actions in effectuation of his/her powers under para 2. BDIF shall immediately post the reports on its website, with the exception of the information protected by law.  The reports shall be also relayed to the Minister of Finance.