YEREVAN, December 14. /ARKA/. On Tuesday, Armenian National Assembly passed at the first reading amendments to the bankruptcy law.
Gevorg Malkhasyan, first deputy justice minister, presenting the bill to lawmakers, said the aim of these amendments is to remove contradictions from the law and bring it in tune with other legal acts.
He said that the amendments enlarge minimum size of outstanding duties necessary for recognition a debtor as bankrupt from the present AMD 500,000 to AMD 1 million.
The deputy minister said that the amendments also clearly specify institutions dealing with bankruptcy.
Courts of common jurisdiction instead of Economic Court, which ran bankruptcy cases before it was dissolved in 2009, will be empowered to deal with bankruptcy cases.
Managers of the bankruptcy process will be nominated by debtors and creditors and approved by courts.
A manager’s civil liability toward third entities must be insured at a sum equal to AMD 5 million. ($1 = AMD 360.20). -0-
