The presidential administration has decided to toughen the penalties for willful and deliberate bankruptcy of enterprises. According to the draft of the new Code of Administrative Violations, the fine will be AZN 90 times stronger than it is now.
If the parliament approves the amendments, the new edition of the Code will enter into force on 1 May of next year. According to article 405 of the bill, deliberate bankruptcy in order to delay or extend the maturity of its debt or to reduce its size or evade repayment involves a fine for officials in the amount of 1-2 thousand manat and for legal entities - 10-12 thousand manat.
Recall that the current penalties for false bankruptcy constitute 55-70 manat for officials and 110-200 manat for legal entities.
According to article 406 (premeditated bankruptcy in the interest of other persons), fine for officials is 2-3 thousand manat (currently 65-90) and for legal entities - 12-15 thousand manat (160-240 manat).
According to Article 407 (concealment of the head or owner of debtor organization of property obligations, data on property, its size, location, etc.), it shall entail a fine ranging from twice to four times the size of the damage (earned income). --17D-
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review