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

Regulations No. 86 on bankruptcy of credit institutions

Introduction

Chapter I. General provisions

1. Limits of action of the Provision

This Provision extends to the banks and other non-bank financial institutions 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.

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

Bankruptcy of bank - the procedure initiated in the procedure established by this Provision at the initiative of National Bank of Tajikistan which appoints the bank managing on liquidation for the most complete satisfaction of requirements of creditors of bank. The National Bank of Tajikistan is responsible for the organization and control of insolvency proceeding.

For the purpose of prevention of liquidation of bank, according to the petition of founders (participants) and with the consent of National Bank of Tajikistan, the procedure of rehabilitation during which any reorganization, organizational and economic, finansovoekonomichesky, legal, technical, investment and other measures which are not contradicting the legislation of the Republic of Tajikistan are applied can be applied.

5. The petition of founders (participants) and creditors founders (participants), and also creditors of bank can address To National Bank of Tajikistan with the petition for the beginning of insolvency proceeding (one or several). In the petition creditors specify the information about each creditor, the size of its requirements for monetary commitments and obligatory payments, about priority of satisfaction of each requirement.

The National Bank of Tajikistan considers the petition in a month and passes the following decision:

- refuse in consideration of the petition if there are no bases, stipulated in Clause 3 this provision;

- about acceptance of the petition and the beginning of insolvency proceeding concerning bank.

Chapter 2. Temporary bank management

6. Appointment of the interim manager bank

In case of detection any of the bases, stipulated in Article 3 this provision, the National Bank of Tajikistan begins temporary bank management and appoints the interim manager for up to 18 months.

Persons having the higher economic or legal education and length of service in bank system at least 3 years can be members of temporary administration of bank.

The head and members of temporary administration who are employees of National Bank of Tajikistan are appointed by board decision of National Bank of Tajikistan from their consent, with preserving for the period of accomplishment of functions by them in temporary administration of the salary, the bonus and other payments provided by wages system on principle place of employment.

With the head and members of temporary administration who are not employees of National Bank of Tajikistan, the National Bank of Tajikistan signs the separate agreement.

The payment terms of work and content established for bank employees whose functions they temporarily perform if other is not provided by board decision of National Bank of Tajikistan about appointment of the head and members of temporary administration, or the agreement signed by National Bank of Tajikistan with the head and members of temporary administration who are not employees of National Bank of Tajikistan extend to the head and members of temporary administration.

Maintenance costs of temporary administration, including compensation, transportation and other expenses, belong on management expenses of the relevant bank and are performed at his expense. The salary of the interim manager bank is established by general meeting of bank ranging from 10 to 15 percent from outstanding amount.

The head of temporary administration can be exempted from accomplishment of these obligations on the initiative, or at the initiative of National Bank of Tajikistan.

Person designated in structure of temporary administration can be exempted from accomplishment of these obligations on the initiative, at the initiative of administration, or at the initiative of National Bank of Tajikistan.

The relations between bank into which the temporary administration is entered and her members appointed the head according to the procedure, provided in the subitem "g" of Item 11 of this provision, are regulated by the labor law.

The National Bank of Tajikistan after detection any of the bases, stipulated in Item 3 this provision, immediately informs bank on the intention to begin against it insolvency proceeding. Before decision the bank has the right to furnish the explanation for National Bank of Tajikistan.

7. Notification on temporary bank management

The interim manager in three-day time after appointment informs:

- bank, its branches and representations - about day of the beginning of temporary bank management;

- also sends mass media to the copy of such announcements to National Bank of Tajikistan within three days, after their placement or the publication.

8. Temporary management or liquidation of bank the National Bank of Tajikistan begins signs of the beginning of temporary management or liquidation of bank proceeding from the following signs:

1) possibilities of recovery, within 18 months after appointment of the interim manager, financial position of bank;

2) sales opportunities of bank as the operating structure - with all its assets and liabilities - within 18 months after appointment of the interim manager;

3) liquidation of bank.

9. Powers of the interim manager

10. Tasks of the interim manager

Proceeding from need of depositor protection and preserving the greatest amount of means of bank the interim manager manages bank on its own behalf according to article 49 of the Law of the Republic of Tajikistan "About National Bank of Tajikistan". The main objectives of the interim manager is:

- preserving or recovery of bank solvency for the benefit of his creditors and investors, and also shareholders (participants);

- creation of the efficient managerial mechanism providing elimination of the revealed violations;

- recovery of stable financial position of bank;

- or sale of bank, as the single and operating structure with all its assets and liabilities.

11. Plan and rights of the interim manager

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