BAKU, Azerbaijan, September
28. The liquidation process of Azerbaijan Credit
Bank OJSC has concluded.
This was reflected in a statement by the Deposit Insurance
Fund.
According to the statement, the legal procedures established by
legislation regarding the conclusion of the liquidation process for
Azerbaijan Credit Bank OJSC, which was being liquidated by the
Deposit Insurance Fund, have been completed, and the liquidation
has been finalized.
The announcement noted that Azerbaijan Credit Bank OJSC was
subject to compulsory liquidation pursuant to the decision of Baku
Administrative-Economic Court No. 1 (Case No. 2-1(81)-3854/2015)
dated July 29, 2015, and that the Deposit Insurance Fund was
appointed as the bank's liquidator in accordance with the ruling of
the Administrative-Economic Board of the Baku Court of Appeal (Case
No. 2-1(103)-798/2019) dated February 26, 2019.
"Following its appointment as the liquidator, the fund
implemented statutory measures to ensure the prompt fulfillment of
the bank's obligations, ultimately resulting in the complete
settlement of all liabilities. The fund subsequently petitioned the
relevant court to conclude the bank's liquidation process and
terminate the fund's role as liquidator.
By the decision of the Administrative Board of the Supreme Court
of Azerbaijan dated August 19, 2026 (Case No. 2-3(1-8)-4/2026), the
fund's petition was granted; the liquidation process of Azerbaijan
Credit Bank OJSC was concluded, and the Fund's activities as
liquidator were terminated.
The Deposit Insurance Fund is currently handling the liquidation
of 21 banks. The fund is taking all necessary measures to complete
the liquidation of these banks as quickly as possible and in a
manner that serves the interests of the creditors," the statement
noted.
