Bankruptcy formalization procedure changed in Armenia

18.09.2020 15:39
Bankruptcy formalization procedure changed in Armenia

YEREVAN, September 18. /ARKA/. Armenia’s National Assembly passed Friday in the second, final reading amendments to the law on bankruptcy.

Previously, the bankruptcy-formalizing procedure on the basis of the submitted application began if there was a delay in indisputable payment obligations in the amount of 1000 times the minimum wage, that is, by 1 million drams. The adopted amendments will double the amount of debt required to initiate bankruptcy proceedings.

According to Mikael Melkumyan, the author of the bill who is an MP from the Prosperous Armenia faction, one of the reasons for changes is that a law was adopted earlier, according to which the total amount of debts, in which the head of the State Revenue Committee can seize property, was increased from 500,000 drams to 1.5 million drams.

In this case, according to Melkumyan, it is also necessary to increase the accumulated debt to start bankruptcy proceedings, since the arrest always precedes it.

This proposal will allow many entrepreneurs to gradually pay off their debts and stay afloat instead of going through a lengthy bankruptcy procedure. ($ 1 – AMD 484.40). -0-

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Tags: , , Новости Армении АМИ Новости-Армения

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