KNF: Court approves SKOK Arka's bankruptcy
12:29
The Regional Court in Katowice has issued a decision declaring the bankruptcy of savings & loan institution SKOK Arka, the Financial Supervision Authority (KNF) announced on Wednesday.
In May, the KNF suspended the activity of SKOK Arka and filed a motion for the firm's bankruptcy, with nearly PLN 100 million in client deposits.
According to the KNF, the bankruptcy motion was filed since KK SKOK S&L institutions association refused to grant aid to SKOK Arka and no bank expressed an interest in taking over SKOK Arka.
As of March 2016, SKOK Arka had negative equity of PLN 26.4 million and a negative adequacy ratio of 22.7 percent. The institution holds PLN 98.8 million in deposits from 19,300 clients.
