The infamous Bunkus partner Rasa wanted to join the board of the Association of Insolvency Administrators

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Armands Rasa, the infamous partner of the shot insolvency administrator Mārtiņš Bunkus, has wanted to join the board of the Association of Insolvency Administrators – and this, despite neither the criminal proceedings that were started last year for the actions of his office, nor his own “fantastic” success in the actual settlement of the creditors of “Trasta komercbanka” in robbery.

Last year, the mass media informed that the State Police has started a criminal case against the actions of A. Rasa’s law office, presenting the new owners of a sold company with impressive, but most likely, unjustified invoices on the basis of forged documents for services that were allegedly provided long before the sale.

However, even more “impressive” are A. Rasas’ own successes in the field of insolvency administration – as shown by the “Overview of the progress of the insolvency process” published last autumn in the “Trust Commercial Bank” he administered, the lawyer perceives the insolvency process in a relatively original way – not as a creditor, but first of all satisfying his own material requirements and needs.

This document shows that A. Rasa, who after becoming the administrator of the insolvent “Trasta komercbanka” initially worked hand in hand with the insolvency administrator M. Bunka, who was shot in 2018, has managed to recover a whole 390 euros from the bank’s creditors over the last year, while spending approximately 104 thousands of euros.

With spending money, A. Ras, who would now like to become a member of the board of the entire association of insolvency administrators, has really done well during the year. The spent 104 thousand euros consists of:

1. Security expenses – EUR 199.54;

2. Rent of premises – EUR 2662.00;

3. IT expenses – EUR 665.50;

4. Legal and professional services – EUR 86,310.56;

5. Taxes and fees paid to the State Treasury – EUR 53.00;

6. Bank commissions – EUR 293.45;

7. Database usage expenses – EUR 605.00;

8. Management and maintenance of taken over real estate – EUR 194.78;

9. Securities and investment services – EUR 5639.35 (or bank commissions for the existence of securities accounts);

10. Communication expenses (including Latvijas Pasts) – EUR 456.98;

11. Other expenses – EUR 6880.00 (insurance).

However, the administrator has fared much worse with recovering the money. “In the period from October 6, 2022 to October 3, 2023, the total amount of recovered funds is EUR 390.92. The expenses necessary to ensure the insolvency process were covered from the recovered funds,” A. Rasa informs creditors in the report. As can be understood from the document, this ridiculous amount has also been spent.