Discussion devoted to reform in bankruptcy sector

From 5-6 July, First Deputy Minister of Justice of the Republic of Armenia Artur Hovhannisyan participated in the discussion on the draft Law "On making amendments and supplements to the Law of the Republic of Armenia "On Bankruptcy"” and the drafts of related modified laws.

Members of the Supreme Judicial Council, judges of the Cassation Court, the Court of Appeal and the First Instance Court of the Republic of Armenia, representatives of the Ministry of Finance, the Central Bank of the Republic of Armenia, the State Revenue Committee and the Union of Banks, bankruptcy administrators and others participated in the discussion organised by the "Centre for Legislation Development and Legal Research" Foundation of the Ministry of Justice with the support of the USAID.

The First Deputy Minister expressed his gratitude to everyone for their participation and noted that there were currently serious opportunities for making reforms in this important sphere of the judicial-legal system. "We must do our best to build the trust of people in the judiciary," Artur Hovhannisyan noted and added that the reforms in the bankruptcy sector would also be aimed at raising the rating for "Doing Business" conditioned by bankruptcy proceedings. Attaching importance once again to the organising of a meeting in such a format, Deputy Minister Hovhannisyan expressed confidence that the discussion with the participation of all interested parties would be productive.

Director of the Foundation Tigran Markosyan also greeted everybody and wished the participants a productive discussion.

During the meeting, a number of provisions of the draft were discussed, particularly referring to accepting a bankruptcy application for proceedings, appointment, qualification, training of an administrator, control and disciplinary liability of a self-regulatory organisation of administrators, suspension of the activities and remuneration of the organisation, financial rehabilitation of the debtor and other issues.