Period of bank liabilities’ voluntary restructuring extended in Azerbaijan
Baku, Azerbaijan, Dec. 29
By Azad Hasanli – Trend:
The period, during which banks can carry out voluntary restructuring of their liabilities, has been extended in Azerbaijan.
The relevant amendments to the “Law on Banks” were adopted at a plenary session of the Azerbaijani parliament on Dec. 29.
Currently, the period of voluntary restructuring of liabilities for banks is 180 days.
However, they could extend the period by additional 90 days with the permission of financial regulator [Financial Market Supervisory Authority].
The new amendments extend this additional period from 90 to 180 days. At the same time, the number of requests for extending the restructuring may be unlimited.
The amendments will also affect those restructuring processes that began before the adoption of the amendments.