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Liquidation of banks in Azerbaijan may be entrusted to another structure

Business Materials 30 January 2018 20:00 (UTC +04:00)

Baku, Azerbaijan, Jan. 30

By Anvar Mammadov - Trend:

The Azerbaijan Deposit Insurance Fund (ADIF) may be deprived of the authority to carry out the liquidation of banks, according to draft amendments to the Law on Banks, prepared by the creditors’ committee of Bank Standard.

In accordance with the amendments, a court can appoint any legal entity or private entrepreneur - not related to the bank and not in the list of creditors or borrowers - as the bank’s liquidator.

If the liquidator’s ties with the bank are revealed, its activity must be terminated by a court decision, and a new liquidator must be appointed to the bank. The liquidator can also be replaced by a decision of creditors.

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