of June 8, 2017 No. 2017-P-12/23-5-(NPA)
About approval of the Provision "About Liquidation of Banks"
In pursuance of article 7 of the Law of the Kyrgyz Republic "About enforcement of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity", being guided by articles 7 and 43 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:
1. Approve the Provision "About Liquidation of Banks" it (is applied).
2. Recognize invalid the resolution of Board of "About Approval of Rules of Conducting Financial Accounting and Submission of Information on Financial Position by Commercial Banks and Other Financial Credit Institutes in case of the Procedure of Special Administration by Liquidation Method" National Bank of June 24, 2002 as No. 26/4.
3. To legal management:
- publish this resolution on the official site of National Bank of the Kyrgyz Republic;
- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State register of regulatory legal acts of the Kyrgyz Republic.
5. To department of development of official language and document flow to bring this resolution to the attention of the relevant structural divisions, regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.
6. To management of methodology of supervision and licensing to bring this resolution to the attention of commercial banks of the Kyrgyz Republic, National bank of development of the Kyrgyz Republic, Agency on reorganization of banks and debt restructuring and Department for bankruptcy under the Ministry of Economics of the Kyrgyz Republic and the non-bank financial credit institutions attracting deposits.
7. To impose control of execution of this resolution on the board member of National Bank of the Kyrgyz Republic T.Dzh. Dzhusupova.
Chairman of the board of National Bank of the Kyrgyz Republic
to the Resolution of Board of National Bank of the Kyrgyz Republic of June 8, 2017 No. 2017-P-12/23-5-(NPA)
1. This Provision establishes qualification and other requirements for liquidators, and also features of implementation of measures for liquidation of banks according to the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" (further - the Law) and other regulatory legal acts of the Kyrgyz Republic.
2. Action of this provision extends to all banks, microfinance companies attracting the deposits, credit unions having the license for attraction of deposits from the participants and branches of foreign banks (further - banks/banks).
3. Person conforming to the qualification and other requirements established for the liquidator of bank can be the liquidator of bank.
4. Person cannot act as the liquidator of bank:
- which is interested person in relation to the debtor, creditors, officials and/or shareholders of bank;
- having the outstanding (not removed) criminal record;
- concerning which the procedures applied in the case of bankruptcy are entered;
- concerning which there is restriction/prohibition on implementation of activities for administration and (or) property of other persons;
- concerning which there is judicial act which took legal effect / other document according to the legislation of the Kyrgyz Republic on prohibition to hold the liquidator's positions during certain term.
5. The liquidator of bank shall conform to the following qualification requirements:
- availability of the higher education;
- have experience of participation in liquidation at least two legal entities;
- availability of knowledge of the legislation of the Kyrgyz Republic on bankruptcy, including bankruptcy of banks;
- the paragraph the fifth ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 24.04.2019 No. 2019-P-12/22-4-(NPA);
- if the liquidator is legal person / the individual entrepreneur, then this person within five years until its appointment shall not be in process of bankruptcy.
6. Depending on the size of the bank which is subject to liquidation and features of its activities, the National Bank of the Kyrgyz Republic (further - National Bank) in case of revocation of license can establish additional requirements to the liquidator of bank.
7. The decision on the choice of the liquidator of bank is made by Board of National Bank by consideration of question of revocation of license based on the persons prepared by responsible structural division of National Bank the list suitable under requirements of this provision and in writing agreed to perform functions of the liquidator. In case of receipt of the petition for revocation of license and the beginning of the procedure of voluntary liquidation of bank the candidacy of the liquidator is presented together with the petition of shareholders of bank. If the National Bank is not satisfied by the liquidator's candidacy proposed by bank, the National Bank has the right to appoint other liquidator.
8. In case of decision making about the choice of the liquidator of bank the work experience of the liquidator, goodwill and other circumstances which are testifying/characterizing the candidate's capability properly is taken into account to fulfill the obligations assigned to it and to provide protection of interests of creditors.
9. Remuneration to the liquidator is established by court according to the offer of National Bank or shareholder meeting (in case of voluntary liquidation) in coordination with National Bank is proportional to complexity of the liquidated bank, but cannot exceed the official pay rate of the chairman of the board of the liquidated bank estimated for the last year preceding introduction of Temporary administration or revocation of license or amount of remuneration of the Temporary administrator acting in bank for decision date about liquidation of bank.
The liquidator establishes remuneration to the involved workers in the amount of, not exceeding the official pay rates of the corresponding employees of bank operating before introduction of Temporary administration or revocation of license.
9-1. In cases when in bank there are no liquid means for covering of administrative expenses when holding procedure of involuntary liquidation of bank, such expenses can be performed at the expense of own means of National Bank according to the motivated address of the liquidator of bank. The liquidator applies types of administrative expenses which will be performed at the expense of means of National Bank to the motivated address.
The National Bank considers the address of the liquidator within 30 working days from the date of receipt of the address.
By provision of money to the liquidator on implementation of administrative expenses, National Bank establishes types of administrative expenses which can be performed at the expense of means of National Bank and the amount of the allocated funds for each type of administrative expenses.
The decision on provision of money to the liquidator for implementation of administrative expenses is made by Board of National Bank.
The National Bank provides money on covering of administrative expenses based on the agreement signed with the liquidator of bank.
The National Bank transfers money on carrying out liquidation procedure of bank into the special account opened by the liquidator according to article 182 of the Law.
The money provided by National Bank to the liquidator of bank for implementation of administrative expenses does not enter liquidating weight and belongs to administrative expenses of the liquidator according to article 188 of the Law, and also shall be extinguished by the liquidator out of the priority of repayment of requirements of creditors established by the Law.
10. Three percent from the amount of the assets obtained from realization and requirements of creditors directed to satisfaction (except for the amounts received from realization of the highly liquid assets which are not encumbered with obligations and mortgage property), go the liquidator to accumulation fund. Before approval of the final report of the liquidator by court the National Bank has the right to recommend to court to make the decision on remuneration payment to the liquidator following the results of liquidation procedure at the expense of means of accumulation fund, and also according to the decision of the liquidator - workers according to the signed contracts. In the absence of the specified recommendation of National Bank payment of remuneration for the account of means of accumulation fund is forbidden, and funds of accumulation fund are allocated for satisfaction of requirements of creditors. The National Bank makes the decision on provision / not provision of the recommendation to court on remuneration payment to the liquidator following the results of liquidation procedure at the expense of means of accumulation fund taking into account degree of satisfaction of requirements of creditors and observance by the liquidator of requirements of the legislation of the Kyrgyz Republic.
The decision on provision / not provision of the recommendation shall be reasonable and is accepted by Board of National Bank in case of approval of the final report of the liquidator.
11. The National Bank on permanent basis carries out monitoring of persons having the right to carrying out liquidation of banks for operational representation of candidates for consideration of Board of National Bank for the subsequent representation to their court for appointment. Persons who intend to perform activities for liquidation of banks shall provide without fail in National Bank the information allowing to establish their compliance to qualification and other requirements with updating of information at least once a year.
12. Interest of the liquidator in relation to the debtor, the creditor, the official and/or the shareholder of bank is established by National Bank, proceeding from information provided by the liquidator, taking into account personal and business contacts of the liquidator (Appendix 9).
The liquidator is considered the interested person if he is close relative, the spouse/spouse of debtors, creditors, officials and/or shareholders of bank, or does with persons stated above the business which is expressed in implementation of joint business activity, participation in activities of legal entities, availability of contractual relations including contracts of the loan/credit and availability of the issued powers of attorney for representation of interests of persons stated above, and also business interests of close relatives of the liquidator with the debtor, the creditor, the official and/or the shareholder of bank. At the same time persons who were workers / connected with bank persons/shareholders/affiliates of the liquidated bank within five last years preceding liquidation of bank irrespective of actually worked time cannot be the liquidator.
13. The liquidator of bank bears responsibility for violation of the legislation of the Kyrgyz Republic during implementation of liquidation of bank.
14. The liquidator of bank shall be guided strictly in the activities by the legislation of the Kyrgyz Republic and not allow the situations leading to the preferable attitude towards one of creditors.
15. Replacement of the Liquidator is made in the cases provided by the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity".
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