Liquidation of this bank completed in Azerbaijan for the first time

11:18 - 27.02.2024

February 27, Fineko/ For the first time in Azerbaijan, the Deposit Insurance Fund has finished the liquidation of a bank in the process of liquidation.

Thus, activity of commercial bank Borçalı, which had been carrying out banking activity since December 1992, was suspended on 31.01.2005 and the process of compulsory liquidation began.

ABC.AZ reports that from then until 2017, the liquidation was handled by international auditing firm RR and VAM, and then by RR&VAM LLC International Audit Consulting.

By the ruling of the Administrative & Economic Board of the Baku Court of Appeal dated 08/17/2017 No. 2-1(103)-1376/2017, the activity of RR&VAM International Audit Consulting LLC as a liquidator appointed to the forcibly liquidated CB Borçalı was terminated, and the Deposit Insurance Fund was appointed as the liquidator of the bank.

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