Unofficial transfer (c) Soyuzpravoinform LLC
of May 3, 2024 No. ZR-192
About modification and amendments in the Law "About Bankruptcy"
Accepted by National Assembly of the Republic of Armenia on April 11, 2024
Article 1. State part 2 of article 6 of the Law of December 25, 2006, ZR-51 "About bankruptcy" (dalee-Zakon) in the following edition:
"2. If during enforcement proceeding (productions) it becomes clear that the size of all property requirements to the debtor more than in two-thousand time exceeds the minimum wage established by the law property value of the debtor who is subject to collection under the law of the Republic of Armenia "About enforcement proceeding", then the forced contractor shall suspend enforcement proceeding (productions) for the term of 90 days and notify the parties of enforcement proceeding on the right of appeal to the court with the requirement about recognition of the debtor by the bankrupt.
By sense of this part the property value is determined according to its market value, and in case of representation to realization - by the starting price of the forthcoming sale. In the amount of requirements executive expenses and obligations on the taxes, charges and other obligatory payments following from realization of property are also considered.".
Article 2. In Item 5 of part 1 of Article 15.5 and Item 5 of part 2 of article 39 of the Law the word "stops" to replace with the word "comes to an end".
Article 3. In part 7 of article 17 of the Law of the word "the constituted writ of execution goes to forced execution" shall be replaced with words "the court submits the application for forced execution".
Article 4. In part 5 of article 56 of the Law of the word "the constituted writ of execution without delay goes to forced execution" shall be replaced with words "the court without delay submits the application for forced execution".
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