Professional Meeting-Discussion on the Draft Insolvency Code of the Republic of Armenia

On June 25, in partnership with the EBRD's Investment Council of Armenia, the Ministry of Economy of the Republic of Armenia, and the Ministry of Justice of the Republic of Armenia, a professional meeting-discussion was held regarding the draft Insolvency Code of Armenia and the accompanying legislative packages.

The discussion was attended by members of the SME Development Council, representatives of the financial sector, as well as officials from state bodies and the judiciary. The meeting opened with welcoming remarks by Hayk Malkhasyan, Senior Legal Adviser of the EBRD's Investment Council of Armenia, Lilya Sirakanyan, Deputy Minister of Economy, and Tigran Dadunts, Deputy Minister of Justice.

During the discussion, experts Rafik Grigoryan and Lilit Gabrielyan presented in detail:

• The selected model for insolvency,

• The grounds and criteria for initiating insolvency proceedings,

• The debtor's assets and moratorium,

• Liquidation proceedings,

• The classification of claims,

• The specifics of SME insolvency procedures.

Experts Tigran Sahakyan and Varazdat Asatryan also made speeches. The participants addressed their questions to the experts involved in the development of the draft law and presented their proposals. The meeting once again highlighted the necessity of reforms in insolvency legislation and emphasized the importance of discussions with stakeholders from both the legal and business communities.

The draft Insolvency Code and accompanying legislative package were developed with the support of the Asian Development Bank.