of June 9, 2010 No. ZR-67
About entering of amendments into the Law of the Republic of Armenia "About bankruptcy"
Accepted by National Assembly of the Republic of Armenia on May 18, 2010
Article 1. Article 3 of the Law of the Republic of Armenia "About bankruptcy" of December 25, 2006, ZR-51-N (further – the Law) to add with parts 4 and 5 of the following content:
"4. For the managing director of fund, being the agreement party of management of the fund provided by the Civil code of the Republic of Armenia, and this fund which is not considered by the owner of means, obligations assumed by it according to the transactions connected with management of fund on sense of this Law are considered as the obligation if according to provisions of the Civil code of the Republic of Armenia they are subject to execution at his expense completely or in case of insufficiency of assets of the relevant fund – in missing part in the latter case.
5. The managing director of fund, being the agreement party of management of the fund provided by the Civil code of the Republic of Armenia, and considered as the owner of means of this fund, is considered insolvent also if the obligations which are not subject to execution at the expense of the assets of fund (funds) managed by it exceed asset cost of the managing director of fund, not being assets of the fund managed by it.".
Article 2. To add article 71 of the Law with part 3 following of content:
"3. Seizure of the share of the participating debtor of fund which is available in assets of fund is performed by means of seizure on belonging (belonging) to it share (shares) of this fund.".
Article 3. To add article 82 of the Law with part 5 of the following content:
"5. In case of liquidation of the managing director of fund requirements of creditors are met at the expense of the assets of fund (funds) only for those obligations connected with management of fund managed by it and considered as its property which according to the law are subject to execution for the asset account of fund. Residual assets of fund in the procedure established by the law are transferred to the managing director of other fund.".
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