Azernews.Az

Royal Bank has been declared bankrupt and bankruptcy proceedings began in accordance with the decision of a Baku's economic court.

The court decision was published in official media on Thursday.

Azerbaijan Consulting Company announced the liquidator of the bank. The claims for a failed bank in writing will be considered by the liquidation company within 60 days after publication of the decision.

The creditors must submit documents proving the legal basis of their claims, as well as the following information: name and address of the creditor, amount of the claim with interest payments, information on collateral (mortgage) or a guarantee under the claim in order their claims to be considered.

Debtors and creditors must refer to the liquidator at the address: Baku, H. Javid Avenue, 5 within 60 days after this announcement.

The license for banking activities of Royal Bank has been eliminated by the Central Bank of Azerbaijan (CBA) on July 12. The closure of Royal Bank was officially recognized as insurance case, and moratorium was appiled to fulfill its obligations to depositors. In this regard, three of the agent bank - Muganbank, Bank Respublika and Agbank started paying compensation to the depositors of the bank.

Compensation will be paid to 6255 depositors in the total amount of $17.223 million manat.