On April 16, 2015 the law “Mechanisms of Restructuring of Banks in Andorra” came into force. The text of the law is published in the Official Bulletin of the Principality of Andorra (BOPA).
This law will allow to resolve the conflict with one of five banks of Andorra — Banca Privada d’Andorra (BPA). The law gives a possibility to realize one of two scenarios considered by the Government of Andorra,: restructuring of bank with change of team and change of its name or its liquidation as legal entity (look for details in the interview of the president of Association of businessmen of Andorra Xavier Altimir Planes)
The text of the law was approved by parliament of Andorra (Pyrenees) on April 2. About two weeks it was required in order that the law was approved by 2 co-princes of Andorra: president of France François Hollande and bishop of La Seu D’Urgell (Spain, Catalonia) Enrik Vives.
The adopted law will allow to create in Andorra Agency on restructuring of banks, and also fund with the capital in 30 million euros provided for carrying out restructuring or liquidation of bank. As it was already declared by the government of Andorra, the destiny of BPA will be decided within a month.
See also Andorra business guide
See also Andorra company formation
