Artur Hovhannisyan receives representatives of EBRD and International Development Law Organization

On December 18, First Deputy Minister Artur Hovhannisyan received representatives of the European Bank for Reconstruction and Development (EBRD) and the International Development Law Organization (IDLO). During the meeting, the parties touched upon a number of issues related to training for bankruptcy administrators, preparation of guides, introduction of amendments to stakeholders, as well as the development of an electronic bankruptcy portal and operation of that portal envisaged upon adoption of the draft Law “On bankruptcy”.

In case of legislative, technical and professional improvement targeted at bankruptcy proceedings, Artur Hovhannisyan indicated the satisfaction of creditors at the end of bankruptcy proceeding or the implementation of a recovery plan for a short period of time as an expected outcome, if there are such opportunities. The Deputy Minister also attached importance to the adoption of a new draft Law “On bankruptcy” in the context of improvement of the position of Armenia in the scale of the Doing Business Index.

Advisor to the European Bank for Reconstruction and Development for Insolvency Issues Catherine Zoller expressed her willingness for support to the development of an operational plan for a bankruptcy court and to the training for judges within the scope of a new Law.

During the discussion, an agreement was reached on the preparation of guides within the format of a working group based on the amended legislation as well, and a bankruptcy administrator, a judge, a representative of the Ministry of Justice and an expert will be involved in the activities of the working group.

At the end of the meeting, the parties expressed their willingness to continue co-operation on further amendments to be made to the draft Law “On bankruptcy”.