YEREVAN, May 31 /ARKA/. The government of Armenia looked today into a set of proposed amendments to the Law on Bankruptcy, adopted back in 2006, which call for reducing the costs and duration of the bankruptcy process.
According to the Minister of Justice Artak Zeynalyan, despite some changes made to the law, it still contains flaws and problematic points, which were identified also by the World Bank.
Zeynalyan believes that reforms in this area will improve the position of Armenia in the WB Doing Business Index. The minister explained that Armenia’s current low standing in the index is due to a number of unsatisfactory indicators, including bankruptcy proceedings.
He said as part of the government’s program for 2018–2020, a number of bankruptcy reforms are envisaged, including increased accountability of bankruptcy managers.
Armenia is currently on the 41st position among 190 countries in the Doing Business Index. — 0–
