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-
-
- Economics
- 25 April 2014 13:31
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