Kazakhstan’s BTA Bank has appointed Lovells to provide legal advice on asset recovery.

The new appointment follows news that Goldman Sachs resigned from the position of restructuring adviser to the company.

"BTA thanks Goldman Sachs for its counsel and recommendations provided to date,” said Anvar Saidenov, CEO of BTA Bank.

Goldman was hired back in February when the government took control of Kazakhstan’s largest lender.

BTA Bank will continue to work with UBS on its debt restructuring programme, while White & Case will continue to act as a legal advisor to BTA.

BTA Bank stopped principal payments to creditors earlier this year, after two banks requested accelerations of payment. Negotiations are continuing between BTA Bank and creditors, and in an official statement the bank now expects terms of the plan to be revealed in mid-July.