Regulatory Alerts2023-01-01
Law on Bankruptcy and Winding-Up of Banks
The Central Bank of Montenegro issues this law to govern the conditions and proceedings for the bankruptcy and winding-up of banks following license withdrawal. It establishes the Council of the Central Bank as the authority to open proceedings and appoints a bankruptcy administrator to assume management powers, secure assets, and liquidate the bank's estate. The legislation details procedural requirements for creditor claims, the suspension of legal actions, the termination of employment, and the specific roles of the bankruptcy board and Deposit Protection Fund in resolving insolvency.
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