Under the conditions of the financial market there are often such situations where the opportunities of the market participants to meet their obligations are missing. Therefore certain legal tools and regulations are necessary to protect the interests of the creditors and debtors.
The Government also believes in this. It is anticipated that at tomorrow’s Government session, the RA Minister of Justice Hovhannes Manukyan shall introduce to the Members of the RA Government the Draft Law on making Changes and Amendments in the RA Law on Bankruptcy.
Currently the sphere of bankruptcy lacks the mechanism of crisis management, The RA Law on Bankruptcy obliges the debtor to apply to the court in the case of voluntary bankruptcy when the liabilities exceed minimum salary in the amount of one thousand-fold or more and exceed the debtor’s assets.
