Spoiler: debts must be repaid. If your bank has ceased operations, this is not a reason to forget about the loan issued and pretend that everything is in the past. Credit obligations still remain yours. The loan will have to be repaid, even if the bank went bankrupt, lost its license or became part of another credit institution.
If you miss a payment, you will have to pay a fine. Moreover, violating the contract threatens a damaged credit history. This is fraught with the fact that in the future, you will most likely not be approved for a loan. Also, creditors have the right to go to court and deal with the debt with the help of bailiffs.
Why a bank can stop working and where to find out about it
Only the Central Bank or the Bank of Russia has the right to liquidate a philippines business email list credit institution. both names are official and synonymous.
Liquidation, that is, closure, can be forcibly or voluntarily. This process occurs in different ways. There are cases when a bank is absorbed by another, larger and more stable credit institution.
If the founders made such a decision independently and the Central Bank did not find any violations, then voluntary liquidation occurs.
If the owners of the organization resorted to various tricks, hid the true picture of what was happening and the Central Bank has already revoked the license to conduct banking operations, then forced liquidation is required.
In the event of financial insolvency, the Central Bank also forcibly liquidates the credit institution. Before this, the license is revoked, and the bank can no longer operate as before. It follows from this that the organization cannot cope with creditors and cannot report to clients.
Revocation of the license occurs at the initiative of the Central Bank if serious violations in the work are discovered: cheating with documents to hide the real deplorable state of affairs or connivance in money laundering.