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Bankruptcy sector to undergo reforms

06/08/2019

The Government of the Republic of Armenia has assumed the obligation to make ongoing reforms in the bankruptcy system. A part of this ongoing process is the Bankruptcy System Reform Project'' implemented with the support of the Good Governance Fund of the United Kingdom and in partnership with the Ministries of Justice and Economy. A study aimed at identifying the key issues of the bankruptcy process in Armenia has been conducted within the scope of the Project and, based on the results, a roadmap and action plan for reforms in the bankruptcy sector have been developed to support the development of the agenda for comprehensive reforms in the bankruptcy sector. The technical description of the electronic platform for bankruptcy administration has also been developed. In the technical description it is envisaged that the electronic platform for bankruptcy administration will ensure digitisation of the processes linked to bankruptcy proceedings, starting from initiation of bankruptcy proceedings and ending with completion of a bankruptcy case. The circulation of and notifications on documents and the exchange of information about documents, as well as the collection of statistical data related to bankruptcy proceedings will be carried out through the platform. The participants of proceedings will have the opportunity to track the course of the proceedings, and the court will have the opportunity to administer the proceedings electronically. The process of selection and appointment of bankruptcy administrators will also be carried out through the platform. The latter will provide the opportunity to create a special environment for conducting on-line meetings with creditors and holding the voting. The electronic platform for administration of bankruptcy cases will help participants of proceedings exercise their rights quickly and efficiently, reduce expenditures and the duration of proceedings, raise the level of accountability of bankruptcy administrators, as well as reduce potential corruption risks and the workload of courts.

The e-bankruptcy system will be a part of the electronic justice (e-justice) system.

 

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