Open Joint Stock Company Birlikbank has been declared bankrupt by a decision of the Administrative Economic Court of Baku N1, and the process of bankruptcy has been launched. This was reported in the official press on Friday.
PR VAM Beyn?lxalq Audit Konsaltinq has been appointed liquidator of the Bank.
Lenders can forward their request to the debtor no later than 60 days after publication of this announcement in accordance with the procedure prescribed by law.
All creditors and other parties may contact the director of PR VAM Beyn?lxalq Audit Konsaltinq Abbasali Gurbanov at:
Baku, Khatai district, Nobel Avenue, 23
Contact: (012) 496-75-90
Birlikbank's licence was granted on June 30, 1993 under number 154 and withdrawn by the decision of the Central Bank of Azerbaijan (CBA) in January 2011.
According to the CBA, the grounds for revocation of the licence were a violation of articles 16.1.8, 16.1.9 and 16.1.18 of the Law on Banks.
The licence of the bank is withdrawn when the activities of the bank are carried out without compliance with prudential regulations and rules of safety, which in this case led to the deteriorating of the financial situation at Birlikbank.
Despite the fact that the CBA has officially notified the bank of violating the requirements of legislation and various regulations, they have not been complied with instructions on how to improve the financial position, resulting in its lack of ability to pay.
The report of the Central Bank also pointed out that the licence was revoked due to the absence of the bank's capacity to perform liabilities to the banking sector and public authorities, finding the quality of its assets and the level of control at unacceptable levels./Trend/