LAW OF THE REPUBLIC OF ARMENIA

of July 15, 2011 No. ZR-235

About entering of amendments and changes into the Law of the Republic of Armenia "About bankruptcy"

Accepted by National Assembly of the Republic of Armenia on June 23, 2011

Article 1. Article 1 of the Law of the Republic of Armenia "About bankruptcy" of December 25, 2006, ZR-51-N (further – the Law) to add with part 3 following of content:

"3. Features of satisfaction of secure requirements, and also features of ownership, use or the order of property of the debtor for satisfaction of requirements of secured creditors are regulated by articles 39 and 43 of this Law.".

Article 2. In article 13 of the Law:

"Article 22 of this Law" shall be replaced with words 1) regarding 2 words "part 2.1 of this Article";

2) Article to add with part 2.1 following of content:

"2.1. In the case provided by part 2 of this Article, the court as the interim manager on bankruptcy appoints:

a) the candidate provided by the creditor - in case of the proceedings initiated according to the statement for involuntary insolvency and if the candidate is not provided or there are no copies of the documents proving requirements to this candidate, and the policy of assurance of the civil responsibility of the candidate for damnification to persons participating in the case of bankruptcy provided by part 1 of article 22 of this Law, then the candidate provided by self-regulatory organization of managing directors according to the procedure, the stipulated in Clause 22 presents of the Law. At the same time the court represents to self-regulatory organization of managing directors the requirement about nomination of the interim manager within one working day after removal of determination about adoption of the statement to production;

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