Baku, Azerbaijan, Jan. 11
Azerbaijani President Ilham Aliyev has signed a decree to amend the Law on Banks, extending the period for voluntary restructuring of banks’ obligations.
Currently, the period for voluntary restructuring of liabilities of banks is 180 days. However, banks can extend the period by additional 90 days with the permission of financial regulator, the 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 period may be unlimited.
The amendments also affect those restructuring processes that began before the adoption of the amendments.