Regulatory Alerts2024-02-14 | 34/04Order on Approval of the Liquidation Procedure for Microfinance Organizations
The President of the National Bank of Georgia issued Order #59/04 to approve the Liquidation Procedure for Microfinance Organizations whose registration has been revoked. The procedure mandates the appointment of an independent Liquidator to realize assets, settle creditor claims according to a strict priority hierarchy, and manage the winding-up process under the National Bank's supervision. It establishes specific obligations for the Liquidator, including asset protection, notification of creditors, and the conduct of public auctions, while ensuring the cessation of interest charges and compulsory enforcement upon liquidation commencement.
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