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Superintendent’s Liquidation of the New York-Licensed Agencies of Jugobanka and Beogradska Banka

Summary of Proceedings and Background

The Superintendent of Financial Services (formerly known as the Superintendent of Banks) has initiated formal proceedings to start the claims-payment process in the receiverships of the New York-licensed agencies of Jugobanka A.D., Beograd (“Jugobanka”) and Beogradska Banka A.D., Beograd (“Beogradska Banka”), two financial institutions headquartered in Belgrade in the former Federal Socialist Republic of Yugoslavia.

In the early 1980s, the Superintendent granted licenses to Jugobanka  and Beogradska Banka to operate banking agencies in New York State. Starting in June 1992, the U.S. imposed economic sanctions on the former Yugoslavia, which resulted in the U.S. government shutting down the agencies and freezing their assets. The agencies’ assets remained frozen for more than a decade.  In 2002, when the parent banks were put into receivership in Yugoslavia,  the Superintendent took possession of the agencies in his capacity as receiver of insolvent New York-licensed banks.  Litigation then ensued over administrative rights to the agencies’ assets between the Superintendent and the government-appointed receiver of the parent banks in Belgrade.  Since resolving the litigation, including premature litigation by two creditors, the Superintendent has been working diligently to prepare for claims administration.

On July 22, 2011, the Superintendent gave notice that all claims for recovery against the agencies’ assets must be received or postmarked by January 22, 2012 or they will be forever barred.

On July 30, 2012, in accordance with Section 624 of the New York Banking Law, the Superintendent of Financial Services of the State of New York filed with the Court lists of accepted and rejected claims and accounts in the liquidations of the Jugobanka and Beogradska Banka New York Agencies.  Please click on the links below to view copies of these lists.

On September 6, 2016, Show Cause Orders issued by the Supreme Court of the State of New York:

UPDATE: On October 27, 2017, after satisfying all expenses incurred in administering the agencies’ liquidations and in complying with the terms of the August 16, 2016 Orders to Show Cause, the disbursing agent for the Superintendent of Financial Services of the State of New York issued a pro-rata distribution to all accepted claimants out of the remaining funds of the liquidations estates. 

Information and Forms

Claims Administration. The Superintendent has appointed Garden City Group as the Claims Administrator to perform the administrative functions of the claims process.  Contact the Claims Administrator with all questions, inquiries, or requests for information about the liquidations.  The Claims Administrator can be contacted by telephone at 1-800-418-2290, or mail at:

Information about the liquidations can also be obtained at the Claims Administrator’s website, which will be updated from time to time, so check the website periodically for current information and updates.  

Claims Administrator’s Website.

Notice of Claims.  The Superintendent initiated the claims-payment process by providing written notice of the right to file claims against the agencies by any person whose claim arises out of a transaction or series of transactions with an agency.

Filing A Claim. A Proof of Claim must be timely filed with GCG, the Superintendent’s duly appointed Claims Administrator, at the address indicated above.  Claims must be filed on the Proof of Claim form made available for that purpose.  The Proof of Claim cannot be filed electronically, and cannot be filed with anyone other than the Claims Administrator.

Proof of Claim form.

Instructions. A  Proof of Claim can only be filed in the manner prescribed in the Instructions for filing a Proof of Claim. 

Instructions for filing a Proof of Claim.

Governing Law. The process for liquidating banks in New York is governed by Article XIII of the New York Banking Law.  The  information provided here is not intended as, and does not constitute, legal advice.  You should consult a lawyer if you have questions about the Banking Law or need legal advice in connection with your claim. 

Article XIII of the New York Banking Law.

Important Dates. The liquidations are proceeding on a schedule required by Section XIII of the New York Banking Law. 

Timeline of some of the important dates in the liquidation process.

Deadline for Filing Claims. All claims must be received or postmarked by January 22, 2012. Late claims will be forever barred.

Frequently Asked Questions.

Frequently Asked Questions.

Updated 10/31/2016

Department of Financial Services


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