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The period, during which banks can carry out voluntary restructuring of their liabilities, may be extended in Azerbaijan.
The relevant amendments to the 'Law on Banks are envisaged by a new draft law that is being discussed by the Azerbaijani parliament.
Currently, the period of voluntary restructuring of liabilities is 180 days for banks.
However, they could extend the period by additional 90 days with the permission of financial regulator [Financial Market Supervisory Authority].
The new amendments suggest extending this additional period from 90 to 180 days. At the same time, the number of requests for extending the restructuring may be unlimited.
If the draft law is adopted, the amendments will also affect those restructuring processes that began before the adoption of the amendments.
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