New version of the law On Bankruptcy to be considered

Draft amendments to the law of the Republic of Azerbaijan "On Bankruptcy" will be tabled in Parliament.

Initiator and author of change is the Ministry of Economy and Industry, reports the portal http://icazeler.gov.az/az/draft-laws/muflisleshme-ve-iflas-haqqinda-azerbaycan-respublikasinin-qanununda-deyishiklikler-edilmesi-haqqinda-azerbaycan-respublikasinin-qanun-layihesi.

Provided is the shortening (amendment to Article 13) of the meeting of creditors after declaring bankruptcy court businesses with 30 to 15 days. Lenders will be notified of the bankruptcy procedure , not later than 7 days ( now 14) prior to the meeting , the media must be published two announcements of the meeting , the last - not later than 3 days ( now 7) prior to the meeting .

Amendments to Article 25 provide that an auction to sell the debtor's assets must be held not later than 30 days. The purchaser of these assets should be on them to fully pay within 7 days (currently - 14 days).

On the amendment to Article 46, the trustee in the debtor within 60 days after receiving calls from the creditors, within 7 days has to prepare a roster of requirements (currently 28 days), and for 3 days, this registry must be submitted for approval by the Court (currently - 7 days).

Suggestions on the draft amendments to the law will be taken by the Ministry of Economy and Industry until May 23.

The law On Bankruptcy has been operating in Azerbaijan since 1997. Currently, however, many international organizations recommend that the Government of Azerbaijan should revise the articles of the law. -17D-