Armenian government to reform bankruptcy law
12.12.2019,
17:48
Armenia's Deputy Minister of Justice Rafik Grigoryan presented to the lawmakers today a set of amendments to the Law on Bankruptcy and related legal acts before they were put for second reading.
YEREVAN, December 12. /ARKA/. Armenia's Deputy Minister of Justice Rafik Grigoryan presented to the lawmakers today a set of amendments to the Law on Bankruptcy and related legal acts before they were put for second reading.
He said as part of the judicial reform strategy, adopted on October 10, the government unveiled its vision of how to reform the bankruptcy law, and if adopted, the proposed amendments would be the e first step towards that goal.
According to him, the amendments determine the framework of bankruptcy cases, indicating the responsibility of all involved managers.
"The law concerns not only the functions of financial managers, but also their financing in order to increase work efficiency. In addition, measures will be taken to ensure transparency of the sphere and provide it with new solutions, to introduce electronic systems that will facilitate the appointment of financial managers," he said.
Grigoryan noted that the amendments would help curb corruption risks and the possibility of coordinating the actions of persons in bankruptcy with the courts and financial managers. --0--
He said as part of the judicial reform strategy, adopted on October 10, the government unveiled its vision of how to reform the bankruptcy law, and if adopted, the proposed amendments would be the e first step towards that goal.
According to him, the amendments determine the framework of bankruptcy cases, indicating the responsibility of all involved managers.
"The law concerns not only the functions of financial managers, but also their financing in order to increase work efficiency. In addition, measures will be taken to ensure transparency of the sphere and provide it with new solutions, to introduce electronic systems that will facilitate the appointment of financial managers," he said.
Grigoryan noted that the amendments would help curb corruption risks and the possibility of coordinating the actions of persons in bankruptcy with the courts and financial managers. --0--
