Policy Report: Development of Armenia’s Insolvency Legal Framework

Under the project “Enhancing Public-Private Partnership Projects through Support for Law and Policy Development and Transaction Advisory Services” led by the Asian Development Bank, a strategic report has been prepared for the Ministry of Justice by Norton Rose Fulbright Australia, revealing the guidelines and frameworks of the development of the legal framework of bankruptcy in Armenia.

This report first identifies the basic principles, that are proposed to be taken into account while developing a modern legal framework of bankruptcy. 

The report also analyzes the latest strategic documents relating to bankruptcy legislation adopted in Armenia to take into account the directions presented therein.  

The report proposes suggestions for the process and framework for reforming legislation on bankruptcy in Armenia. Here a comparative analysis of the bankruptcy legislation of Central Asian countries as well as legislative and practical issues addressed by stakeholder consultations and discussions were taken into account. 

The report also covers the possibilities for the capacity-development of the main interested parties in the bankruptcy process. 

Other segments of the report reflect certain aspects of corporate bankruptcy legislation, particularly modern and efficient corporate restructuring procedures; opportunities for the introduction of MSMEs bankruptcy, capacity building of bankruptcy administrators and judiciary, cross-border bankruptcy issues, etc.

 The compilation of the report was also supported by detailed studies of legislative reforms and strategic work (documents) that have been conducted over the past few years. 

The report was prepared by the international experts John Martin, Scott Atkins, and Rod Bretag, as well as national experts – academic expert Tigran Markosyan and expert Varazdat Asatryan.

Full version of the Report - HERE.