Mazars appointed bankruptcy trustees to former bank owners

The bank, with over 1.5 million depositors, collapsed in December 2014 and required a Russian state bailout of over RUB100 billion.

In January 2020, the English High Court handed down judgment which established that Yurov and Fetisov, along with a third owner, Sergey Belyaev, were involved in a significant fraud, during which they acquired extensive personal wealth and were ultimately responsible for the collapse of NBT. In the judgment, they were ordered to pay compensation of USD900m.

The trustees will work to recover the bankrupts’ assets for the benefit of the creditors, including NBT.

Paul Rouse, Head of Client Services within Mazars Restructuring Services, said: “These cases are among the largest personal insolvencies to have been declared in UK history. Through discussions with the UK Insolvency Service and the major creditors, I am confident that we will deliver an optimal outcome for those negatively affected by the collapse of National Bank Trust.

"Ann Nilsson (Partner & Head of National Bankruptcy at Mazars) and Matt Carter (Partner & Licensed Appointment Taker) will utilise Mazars’ international presence along with our insolvency and forensic specialists, all with considerable experience of contentious cross border assignments. When dealing with these type of bankruptcy appointments, the ability to call on this resource, knowledge and experience is critical”.

Mazars’ Client Services team represents clients which become exposed to personal and corporate insolvencies, both in volume and individual scenarios. The team offers tailored solutions and works with a wide range of companies, including leading banks, debt purchasers, alternative lenders and local authorities.

ENDS