The DIA will be the temporary administration of financial institutions after the revocation of their licenses

Scott Conley October 19, 2021 Financial Institution Leave a comment 22 Views

Previously, the Bank of Russia performed these functions after the revocation of a bank’s license (with the possibility of engaging DIA specialists), while the DIA carried out the liquidation of a financial institution after the court issued the corresponding decision.

The DIA will exercise the powers of the provisional administration through a representative appointed from among the agents of the DIA. In addition, the Bank of Russia will monitor the work of the DIA, including through inspections of the activity of the provisional administration.

By authorizing the DIA to perform these new functions, the Bank of Russia streamlines the procedures for liquidating a financial institution and speeds up the creation of the receivables register, the inventory and sale of the assets of the financial institution and the constitution of the bankruptcy estate to make settlements with creditors.

Photo preview: Weitwinkel / Shutterstock / Fotodom

Disclaimer

Central Bank of the Russian Federation published this content on October 18, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on October 19, 2021 12:11:01 AM UTC.

Related posts:

  1. ZSuite Technologies chooses William Mills agency for public relations
  2. Mazooma and Fifth Third Bank are the first to offer instant withdrawals in the sports betting and iGaming markets of $ 150 billion and above in the United States
  3. Barclays US to Offer Merchants Buy It Now, Pay Later
  4. Hiltzik: Bitcoin is not a good currency

About Scott Conley

Check Also

Michael Sussmann’s legal time could call Eric Lichtblau as defense witness

Placeholder while loading article actions Lawyers for Michael Sussmann, a lawyer with ties to the …

Leave a Reply

Your email address will not be published.