{"id":125288,"date":"2019-11-15T06:54:50","date_gmt":"2019-11-15T06:54:50","guid":{"rendered":"https:\/\/armbanks.am\/2019\/11\/15\/248898\/"},"modified":"2024-12-15T13:39:21","modified_gmt":"2024-12-15T13:39:21","slug":"armenia-to-bring-bankruptcy-procedures-in-line-with-requirements-of-doing-business-rating","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2019\/11\/15\/125288\/","title":{"rendered":"Armenia to bring bankruptcy procedures in line with requirements of doing business rating"},"content":{"rendered":"\n<p><strong>YEREVAN, November 15. \/ARKA\/. <\/strong>Armenia&#8217;s Parliament  has approved today in the first reading a set of amendments to the Law on Bankruptcy, which are designed to bring this procedure in line with  the requirements of the World Bank&#8217;s Doing Business rating.<\/p>\n\n\n\n<p>Deputy Minister of Justice Rafik Grigoryan  said Armenia\u2019s position in the rating is determined by the recorded progress on a number of parameters, including the one on bankruptcy.<\/p>\n\n\n\n<p>He said also that there is a set of shortcomings in Armenia&#8217;s relevant legislation, such as high  cost of bankruptcy proceedings,  the length of the bankruptcy process, the absence of clear terms for the bankruptcy procedure, insufficient protection of the rights of the borrower and lender and so on.<br>\n\u201cIn view of these  factors, the proposed amendments suggest that civil proceedings related to the bankruptcy procedure should fit into the framework of the bankruptcy procedure, which will seriously cut the time spent and the effectiveness of this process,\u201d the deputy minister said.<\/p>\n\n\n\n<p>The amendments call also for  reduced commission payments for the services of bankruptcy trustees, also extra  payments are provided for completing the procedure in a shorter time. In addition, measures will be taken to increase the transparency and accountability of bankruptcy trustees.<\/p>\n\n\n\n<p>Under the amendments, control over the implementation of the bankruptcy process will be entrusted to the Ministry of Justice. \u20130&#8211;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Armenia&#8217;s Parliament  has approved today in the first reading a set of amendments to the Law on Bankruptcy, which are designed to bring this procedure in line with  the requirements of the World Bank&#8217;s Doing Business rating<\/p>\n","protected":false},"author":1,"featured_media":192853,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[12139,9216],"tags":[15837,13256,12209,1691,15616],"class_list":{"0":"post-125288","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy-en","8":"category-news","9":"tag-armenia-2","10":"tag-bankruptcy","11":"tag-business","12":"tag-doing-business","13":"tag-rating-2"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/125288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=125288"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/125288\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media\/192853"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=125288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=125288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=125288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}