Banking liquidation according to the Iraqi Banking Law No. (94) of 2004 (Comparative study)

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Hamdiya Aboud Kazem

Abstract

The bank liquidation process includes several operations whose aim is to collect the bank’s money in order to settle the bank’s debts and determine the net, if any, to divide it among the shareholders. If the bank reaches the stage of expiry for any of the reasons for the termination, it must first take procedures aimed at ending the bank’s work, paying what it owes and collecting what it has, and this is what is termed as banking liquidation. There must be a person who supervises the bank liquidation process and is responsible for it in the face of partners, shareholders and others, and he is called the liquidator. Therefore, the liquidator is the person or group of persons who manage the bank from the time that the bank expires until the date of distribution of the net liquidation.
In fact, the powers of the liquidator have their own nature, because they are determined in view of their purpose, and not in consideration of the nature of the actions, as the liquidator has the right to conclude all the actions necessary to complete the liquidation procedures. If the liquidator has powers and authorities, then in return he has duties that he must perform such as paying the bank’s debts, declaring the liquidation approval, and keeping books for recording the liquidation work.
In order to carry out the banking liquidation process, it has been necessary to clarify its definition and identify the most important types, as it is of two types, either voluntary bank liquidation, or compulsory bank liquidation, as well as it is necessary to address the most important banking liquidation procedures and then identify the most important provisions related to banking liquidation, in terms of determining its causes and implications and finally determining the civil liability of the liquidator 

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How to Cite
حمدية عبود كاظم. (2022). Banking liquidation according to the Iraqi Banking Law No. (94) of 2004 (Comparative study). MIsan Journal of Comparative Legal Studies, 1(5), 100–131. https://doi.org/10.61266/mjcls.v1i5.85
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