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The document ceased to be valid since  June 22, 2017 according to Item 2 of the Resolution of Board of National Bank of the Kyrgyz Republic of  June 15, 2017 No. 2017-P-12/25-12-(NPA)

It is registered

Ministry of Justice

Kyrgyz Republic

On May 14, 2007 No. 50-07

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of May 2, 2007 No. 23/4

About approval of the Provision "About Rehabilitation of the Banks Which Are in Process of Bankruptcy"

(as amended on 23-12-2015)

Considering offers of the Agency on reorganization of banks and the debt restructurings (DEBRA) directed to implementation of the Law of the Kyrgyz Republic "About preservation, liquidation and bankruptcy of banks", having considered the project of the Provision "About Rehabilitation of the Banks Which Are in Process of Bankruptcy", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Rehabilitation of the Banks Which Are in Process of Bankruptcy" it (is applied).

2. To management of methodology of supervision and licensing together with Legal department to carry out in accordance with the established procedure state registration of this resolution in the Ministry of Justice of the Kyrgyz Republic.

3. This resolution becomes effective from the moment of official publication after state registration in the Ministry of Justice of the Kyrgyz Republic.

4. From coming into force of this resolution to recognize invalid:

- the resolution of Board of National Bank of the Kyrgyz Republic No. 2/1 of January 17, 2007 "About the draft of Provisional Regulations for rehabilitation of the banks which are in process of bankruptcy", registered in the Ministry of Justice of the Kyrgyz Republic of February 12, 2007, registration number 19-07;

- the resolution of Board of National Bank of the Kyrgyz Republic No. 21/1 of April 18, 2007 "About modification and amendments in Provisional regulations for rehabilitation of the banks which are in process of bankruptcy".

5. After publication of the registered regulation to Legal department to inform the Ministry of Justice of the Kyrgyz Republic on publication source (the name of the edition, its number and date).

6. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Bokontayev K. K.

Chairman

Alapayev M. O.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of May 2, 2007 No. 23/4

Regulations on rehabilitation of the banks which are in process of bankruptcy

I. General provisions

1.1. This Provision regulates procedure and procedures of implementation of rehabilitation of the banks which are in process of bankruptcy and is subject to application to any commercial bank, including the financial credit institutes performing the transactions with deposits operating in the territory of the Kyrgyz Republic and which are subject to licensing according to the legislation of the Kyrgyz Republic.

1.2. For the purpose of this provision rehabilitation of the bank which is in process of bankruptcy (further - "debtor bank"), is understood as the procedure applied in the course of bankruptcy for the purpose of recovery of solvency of this bank.

Bank solvency can be recovered by means of involvement of the third-party investor assuming financial liabilities on complete repayment of all accounts payable of debtor bank.

The investor in this Provision is understood as any legal entity or physical person (group of persons) meeting the requirements of the Law of the Kyrgyz Republic "About banks and banking activity in the Kyrgyz Republic" and to requirements of National Bank imposed to the acting shareholders of commercial banks.

1.3. Subject of regulation of this provision is holding procedure of the rehabilitation performed extrajudicially according to provisions of the Law of the Kyrgyz Republic "About bankruptcy (insolvency)" after entry into force of the judgment about recognition invalid all earlier issued shares of debtor bank.

1.4. This Provision is developed on the basis:

- The law of the Kyrgyz Republic "About preservation, liquidation and bankruptcy of banks";

- The law of the Kyrgyz Republic "About bankruptcy (insolvency)";

- The law of the Kyrgyz Republic "About the security market";

- the paragraph the fifth Item 1.4 ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 23.12.2015 No. 78/21

II. Initiation of the procedure of rehabilitation of debtor bank

2.1. The procedure of rehabilitation of debtor bank can be initiated by the special administrator or group of creditors (in number of at least two thirds of total number of creditors) solution of this question on the called creditor meeting.

2.2. For initiation of the procedure of rehabilitation by debtor bank it shall have unsatisfactory balance or not to be able to pay off the debts after approach of term of their repayment, at the same time the minimum amount of debt is not required (requirements to the size of debt are not established).

2.3. The procedure of rehabilitation is applied to debtor bank with preliminary approval of its carrying out the Kyrgyz Republic by National Bank (further - "National Bank") for what the special administrator (group of creditors) of debtor bank along with convocation of creditor meeting shall address to National Bank with provision of the following documents:

- the petition for application to debtor bank of the procedure of rehabilitation;

- the list of creditors of debtor bank with outstanding amounts;

- balances of debtor bank on the last reporting date;

- the plan of rehabilitation of debtor bank containing the minimum requirements for the investor;

- the notification on convocation of creditor meeting of debtor bank for consideration of question of initiation of the procedure of its rehabilitation.

2.4. On creditor meeting the initiator of holding procedure of rehabilitation shall provide complete financial information about debtor bank, the decision of National Bank on coordination of application of the procedure of rehabilitation to this bank and the written plan of rehabilitation containing the minimum requirements for the investor on recovery of bank solvency and its further development.

2.5. The creditors of debtor bank, his special administrator, the representative of National Bank and other persons determined by the current legislation have the right to be present at creditor meeting.

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