Information Letter for QIWI Bank Clients

By Order of the Bank of Russia dated February 21, 2024 No. OD-266, the license to carry out banking operations from QIWI Bank was revoked.

Revocation of a license is the first step of the regulator towards terminating the activities of a credit institution, which is carried out in violation of the rules established by law.

The Bank of Russia decided to revoke the license due to established violations in the bank’s activities. At the moment, we are talking about violations during individual transactions and violations of the requirements of the law on laundering proceeds from crime. Information on the insufficiency of the bank's property has not yet been published.

Simultaneously with the revocation of the license, a temporary administration was appointed to the bank, which will act until the approval of the bankruptcy trustee if it is established that the bank’s assets are insufficient to pay off its obligations and a bankruptcy case is initiated, or until the appointment of a liquidator if the temporary administration does not establish signs for filing a bankruptcy petition for QIWI Bank.

The provisional administration does not carry out settlements with depositors and other creditors of the credit institution.

Until the date of entry into force of the decision of the arbitration court to declare a credit organization insolvent (bankrupt) or to liquidate, it is prohibited to carry out transactions with the property of the credit organization and to fulfill obligations that arose before the day of revocation of the license, including by offsetting similar counterclaims.

In this regard, it is worth noting that you should not respond to proposals to “resolve the issue” of paying off debt as a priority, since they, as a rule, come from scammers and have absolutely no legal basis, and, therefore, no prospects for implementation.

QIWI Bank (JSC) is a participant in the compulsory insurance system, therefore, its depositors have the right to receive insurance compensation, which is paid by the Deposit Insurance Agency (DIA) in the amount of the insurance compensation limit established by the Federal Law for the corresponding type (category) of deposits. As a general rule, this is 1.4 million rubles. or
10 million rubles. (in relation to certain types of bank deposits).

Applications for payment of insurance compensation can be submitted by depositors during the entire period of bank liquidation, which is at least a year, and submitted to the temporary administration, both directly and through agent banks.

Depositors' claims against the bank exceeding the insurance compensation, and the claims of other creditors will be satisfied during the bankruptcy proceedings or forced liquidation of the bank through the collection and sale of assets and other property of the bank.

To obtain satisfaction of their claims, bank creditors must submit these claims for inclusion in the register of bank creditors' claims.

Creditors have the right to present their claims to the credit institution at any time during the period of activity of the provisional administration.

The deadline for submitting creditors' claims for the purpose of participating in the first meeting of creditors is thirty working days from the date of publication of information about the revocation of the license and the appointment of a temporary administration in the Kommersant newspaper.

When presenting claims to a credit institution, the creditor is obliged to indicate:

• Information about the creditor (full name, date of birth, name, INN OGRN, address for correspondence, bank details);

• The essence of the stated claim and the grounds for its occurrence;
• Requirement size.

The application for inclusion of the creditor's claims in the register must be accompanied by documents confirming the validity of these claims.

The period for consideration of the creditor's claim by the temporary administration is 30 working days. The creditor is notified of the inclusion of the claim in the register in whole or in part, or of the refusal.

The creditor has the right to raise objections based on the results of consideration of his claim within ten working days from the date of receipt of the results of consideration of this claim.

?On the one hand, the procedure is not complicated, but it requires careful preparation of documents and justification of the creditor’s position. In addition, there are frequent cases of refusal to include, which leads to the need for a legal dispute about the validity of the requirement and its size.

Our team is ready to advise and provide qualified assistance to protect the interests of bank clients.