Working discussion on amended Law "On bankruptcy" held

Today, a working discussion on the amended Law "On bankruptcy" was held with the participation of representatives of the banking sector. The working discussion was organised by the "Centre for Legislation Development and Legal Research" Foundation of the Ministry of Justice and the Union of Banks of Armenia.

The aim of the meeting was to introduce the amendments made to the Law in a more comprehensive manner to the representatives of commercial banks. Academic lawyer, member of the State Commission for the Protection of Economic Competition Tigran Markosyan and Director of the Foundation Tigran Dadunts thoroughly introduced the amendments made to the Law and the major innovations that are expected upon entry into force of the Law on 15 April, and particularly the changes that may concern the banking system as creditors in bankruptcy proceedings. Issues related to subordination of bankruptcy cases, realisation of an object of pledge in bankruptcy proceedings, subjecting bankruptcy administrators to disciplinary liability and other issues were also touched upon.

The introduction of the amendments was followed by a question-and-answer session with the participants of the discussion.

Director of the Union of Banks of Armenia Seyran Sargsyan expressed gratitude to the Foundation for organising the discussion and for the effective co-operation. Representatives of 17 banks operating in Armenia participated in the working discussion.