LAW OF THE AZERBAIJAN REPUBLIC

of April 24, 2018 No. 1087-VQD

About introduction of amendments to 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) to make the following changes:

1. Under Article 1:

1.1. in the ninth paragraph the word "reorganization" shall be replaced with words "solvency recoveries";

1.2. add with the tenth paragraph of the following content:

"The plan of sanitation - the document reflecting package of measures, performed by mutual consent of the debtor and the creditor (creditors) and directed to improvement of the debtor during sanitation process application, with indication of the table of satisfaction of requirements of the creditor (creditors) for the purpose of recovery of solvency of the debtor and jobs preservation, and also the achieved results, the used resources and possible risks;".

2. Under Article 24-1:

2.1. in the name of Article of the word of "fixed assets" to replace with the word of "assets";

2.2. in the text of Article of the word of "fixed assets of the debtor" shall be replaced with words "assets which cost constitutes 5 and more percent of assets of the debtor,", to the word of "creditors" to add with the words "according to the procedure, established by part 5 of article 48 of this Law";

2.3. add with the second offer of the following content:

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