Bank Standard once again challenges its liquidation plan
Baku, Azerbaijan, April 26
By Anvar Mammadov - Trend:
The Creditors Committee of the Bank Standard has sent an appeal to Azerbaijan's Supreme Court to challenge the Baku Appeals Court's decision approving the liquidation plan of the bank, said the Committee's Chairman Akram Hasanov at a meeting April 26.
"As you know, the Baku Court of Appeal approved the liquidation plan of Bank Standard for the second and third quarters of 2017. In this regard, we filed an appeal to the Supreme Court of Azerbaijan. We do not agree that the Azerbaijan Deposit Insurance Fund is the first in the queue of the bank's creditors. If the Supreme Court also rejects our appeal, we will appeal to the Constitutional Court," Hasanov said.
License of Bank Standard was revoked on Oct. 1, 2016, and on Oct. 4, the bank was declared bankrupt.
Bank Standard was founded in 1995. It was one of the largest private commercial banks in Azerbaijan and was among the market leaders in terms of deposits.