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Azerbaijani parliament ratifies law on insolvency


Today, the Committee of Azerbaijani Parliament on Economic Policy, Industry and Entrepreneurship has held its meeting.

 

APA-Economics reports that the Law on Insolvency and Bankruptcy has been discussed at the meeting.

 

According to the draft law, the assets, of which value makes up at least 5% of debtor’s assets, are sold through auction in accordance with the rule set by property administrator or sales plan approved at the creditors’ meeting or in other ways. The assets, of which value makes up up to 5% of debtor’s assets, are offered to be sold without by property administrator without consent of creditors’ meeting or be included in sales plan.  

 

The draft law was adopted by voting. 

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