Another public discussion held for improving and modifying drafts of Bankruptcy Code and related laws

At the initiative of the Ministry of Justice, a public discussion on the drafts of the Bankruptcy Code and related laws of the Republic of Armenia was jointly organised with the Asian Development Bank and the “Centre for Legislation Development”. Deputy Minister of Justice Tigran Dadunts presented the activities being implemented by the Ministry and the main conceptual directions, attaching importance to the necessity and significance of reform in the bankruptcy sector in Armenia. The package of drafts was developed through the active involvement and support of both international and national experts of the Asian Development Bank, and they touch upon major institutions and innovations such as: —bankruptcy model;

-       balance between the interests of creditors and debtors;

-       procedural orders;

-       bankruptcy of natural person;

-       regulations with respect to administrators;

-       opportunity for the introduction of new institutions, etc Director of the "Centre for Legislation Development and Legal Research" Foundation of the Ministry of Justice Davit Gharibyan, Principal Counsel at the Asian Development Bank Nicholas Moller, as well as experts having participated in the development of the drafts, other representatives from the judiciary, various interested bodies and organisations from both public and private sectors participated in the discussions. As a result of the discussions held with the participants, essential recommendations have been identified, on the basis of which the regulations being proposed will be subject to modification.