Liquidation plans for eliminated banks prepared in Azerbaijan

Baku. 2 February. REPORT.AZ/ Licences of number of Azerbaijani banks (“Atrabank”, “Kredobank”, “Bank of Azerbaijan”, “Caucasus Development Bank”, “Bank Technique”, “Zaminbank”, “Royal Bank”, “Ganjabank” and “Bank Standard”) have been canceled in different times. Baku Administrative-Economical Court No1 and Ganja Administrative-Economical Court issued decisions on their bankruptcy.

Report was informed in the Azerbaijan Deposit Insurance Fund, acting as liquidator of above-mentioned banks.

Information says liquidation process of those banks is underway due to announcement of bankrupcy and proper procedures. Within frame of bankrupcy procedures, in accordance with Clause 83 of the Law on Banks, detailed liquidation plan of under-liquidation banks have been developed and presented to court for approval.

Detailed liquidation plan includes financial reports reflecting banks’ assets and liabilities, quarterly reports on past and forecasted future incomes and expenditures, reports on juridical and non-juridical actions aiming at payment of bank’s claims and etc.