Number of bankruptcy-related issues bankruptcy discussed with WB representatives

During a meeting that took place today, Director of the "Centre for Legislation Development and Legal Research" Foundation of the Ministry of Justice of the Republic of Armenia Tigran Markosyan and Financial Sector Specialist of the World Bank Nina Mocheva discussed a number of issues related to the bankruptcy process, debt management, the changes already made in the field of bankruptcy in the Republic of Armenia, the problems having arisen in the course of practical application, as well as protection of the rights of debtors.

Director of the Foundation Tigran Markosyan stated that the development of the bankruptcy field was one of the priorities of the Government. According to him, within the scope of activities carried out in this field, the reports submitted by the World Bank and the certain emphases made therein have been always taken into consideration.

Nina Mocheva expressed her gratitude to the Ministry of Justice of the Republic of Armenia for the willingness to meet and touched upon debt management, issues related to insolvency, as well as legal relations arising in the course of the bankruptcy process.

Upon the request of the guest, Tigran Markosyan presented the activities carried out during the process of development of the draft "On making amendments and supplements to the new Law “On bankruptcy””, in particular, the solutions developed based on the issues received from and inventoried by all stakeholders. The director of the Foundation also informed that public discussions on the draft are being organised and are held with the participation of not only representatives of the public sector, but also the business sector.

Experts of the "Centre for Legislation Development and Legal Research" Foundation of the Ministry of Justice of the Republic of Armenia participated in the working meeting as well.