Approved by Board of National Bank of Tajikistan of January 26, 1999

Regulations No. 86 on bankruptcy of credit institutions

Introduction

The provision "About Bankruptcy of Credit Institutions" is developed based on Art. 48-59 of the Law of the Republic of Tajikistan "About National Bank of Tajikistan" and provides to National Bank of Tajikistan as to supervision body behind activities of commercial banks and others non-bank financial the organizations, big powers if the actions these banks begin to pose threat for investors, creditors and bank system of the Republic of Tajikistan.

Chapter I. General provisions

1. Limits of action of the Provision

This Provision extends to the banks and other non-bank financial organizations operating in the Republic of Tajikistan, and determines the recognition bases their non-payment capable and insolvency proceeding, the rights and obligations of investors and other participants of bankruptcy in this procedure.

2. Legal regulation of bankruptcy of the Insolvency proceeding banks is regulated by the Law of the Republic of Tajikistan "About National Bank of Tajikistan", other laws of the Republic of Tajikistan and in the cases and limits established by the law - other legal acts.

3. Insolvency of banks

The bank is considered insolvent in the presence of one of the following conditions:

a) the bank is not able to fulfill requirements of investors or to pay the obligations;

b) exhausted the fixed capital or its considerable part;

c) the cost of liabilities of bank exceeds the cost of its assets calculated according to the standards ordered by National Bank of Tajikistan;

d) or there is threat of emergence of the circumstances specified in subitems "an" and "b" of this Item;

e) when the bank otherwise is in dangerous, or unsuccessful provision.

4. Bankruptcy of bank

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info