LAW OF THE AZERBAIJAN REPUBLIC

of December 30, 2020 No. 246-VIQD

About modification of the Law of the Azerbaijan Republic "About insolvency and bankruptcy"

Being guided by Item 10 of part I of article 94 of the Constitution of the Azerbaijan Republic, Millie decides Majlis of the Azerbaijan Republic:

In the Law of the Azerbaijan Republic "About insolvency and bankruptcy" (Collection of the legislation of the Azerbaijan Republic, 1997, No. 6, Article 460; 2001, No. 1, Article 25, No. 6, Article 362; 2002, No. 5, Article 241; 2006, No. 3, Article 225; 2007, No. 5, Article 401; 2008, No. 5, Article 348; 2010, No. 4, Article 276; 2015, No. 4, Article 355, No. 11, Article 1260; 2017, No. 3, Article 332, No. 5, Article 736; 2018, No. 4, article 652, No. 12 (book I), Article 2529; 2019, No. 1, Article 28, No. 4, Article 600, No. 6, Article 993; 2020, No. 5, Article 515) to make the following changes:

1. the second offer of Article 24-1 to consider the third offer and to add with the second offer of the following content:

"The asset sale which cost constitutes 5 and more percent of assets of the debtor without inclusion in the sales plan is not allowed.";

2. under Article 41-1:

2.1. in part 5 to exclude the fifth offer;

2.2. in part 6 to add with the third offer of the following content:

"Only secured creditors whose rights are affected as a result of adoption of the rehabilitation plan participate in vote within each group of secured creditors.";

3. in Article 41-2 to add with part 5 of the following content:

"5. In the rehabilitation plan of the right of all creditors within one group of creditors are provided equally according to the procedure of priority.".

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