LAW OF THE REPUBLIC OF ARMENIA

of December 26, 2019 No. ZR-294

About modification and amendments in the Law "About Bankruptcy"

Accepted by National Assembly of the Republic of Armenia on December 12, 2019

Article 1. From part 1 of article 1 of the Law of December 25, 2006 ZR-51-N "About bankruptcy" (further – the Law) words", the Judicial code of the Republic of Armenia" to exclude.

Article 2. To exclude from part 2 of article 2 of the Law of the word of "funds of securitization".

Article 3. To state article 4 of the Law in the following edition:

"Article 4. Jurisdiction of cases on bankruptcy

1. Business management about bankruptcy is performed in court about bankruptcy of the Republic of Armenia (further – Court). Case on bankruptcy is processed by the judge solely.

2. In case of case referral about bankruptcy to other judge as a result of redistribution maintaining about bankruptcy continues from the moment of the termination.

3. Civil cases on the disputes which arose in connection with the property and the rights included in structure of property of the debtor declared bankrupt, subject of the secure right belonging to the third party, the agreements signed with participation of the debtor and creditor, including on measures of ensuring accomplishment of obligations, and influencing possibility of debtors to meet requirements, except for the civil cases initiated in the claims submitted by the managing director are considered by the judge processing case on bankruptcy as separate civil cases within the same case on bankruptcy (further – separate civil cases).

4. Separate civil cases are initiated, considered and solved according to the procedure, established by the Code of civil procedure of the Republic of Armenia.

5. The cases accepted to production by court with abuse of regulations, provided by part 3 of this Article, the court by the decision submits to Trial Court of the general jurisdiction of the Republic of Armenia (further – court of law).

6. In case of receipt of civil case from court of law the Court in seven-day time makes the decision on its acceptance to production or sending case to the chairman of Court of cassation if he does not agree with jurisdiction of case. The chairman of Court of cassation in five-day time determines jurisdiction of case. The court determined by the chairman of Court of cassation is considered competent court.

7. In case of the end of case on bankruptcy consideration of separate cases continues if there are no bases for cessation of production on these cases or leaving of the claim for these cases without consideration.

8. In the presence of the bases for rejection of the judge processing case on bankruptcy on separate civil case the separate civil case is considered by other judge of Court.

9. If after adoption of the resolution on recognition of the debtor by the bankrupt the court resolution adopted on the case of bankruptcy was cancelled, and case is sent for new trial, case (question) is considered by the same judge of Court if there are no bases for rejection.

10. In case of acceptance of court resolution about cancellation of court resolution of the court adopted on separate civil case, and sendings case for new case of consideration goes to court and is considered by other judge of court.".

Article 4. Regarding 1 article 5 of the Law of the word "Item 2" shall be replaced with words "Items 2 or 2.1".

Article 5. In the Law of the word "service of forced execution of court resolutions" in the corresponding case forms shall be replaced with words "The service on ensuring forced execution".

Article 6. In article 6 of the Law to replace the word "claim" with the word "statement".

Article 7. In article 10 of the Law:

The second paragraph of part 3 to state 1) in the following edition:

"The application for voluntary partnership can be withdrawn in three-day time after registration of a statement in court. The application for forced bankruptcy can be withdrawn in ч5-day time after registration of a statement in court, and in case of implementation of consideration of the application on judicial session it can be withdrawn that the beginnings of judicial session.";

2) in part 4 the word "put" shall be replaced with words "proceeedings".

Article 8. In article 11 of the Law:

The Item "in" parts 3 to state 1) in the following edition:

"c) in case of representation in the statement of the offer of the candidate for the interim manager – written consent of this candidate to act as the candidate for interim managers.";

To add 2) with parts 7 and 8 of the following content:

"7. In case of filing of application about forced bankruptcy the copy of the application and copies of the documents enclosed to the application according to number of debtors are enclosed to the application. Before filing of application about forced bankruptcy the applicant does not send to the debtor the statement and the enclosed documents.

8. In case of filing of application about forced bankruptcy the creditor can petition to court for that later recognitions of the debtor by the bankrupt to consider the application also as the requirement if the statement conforms also to the requirements established by part 2 of article 46 of this Law. In case of the petition of such requirement two more copies of the application and the enclosed documents are submitted, and in case of non-compliance with this requirement the petition is not considered what person who submitted the application is informed no later than the next day on. Submission of the petition does not limit the applicant's right to submission of the requirement according to the procedure, the stipulated in Clause 46 these Laws.".

Article 9. To add the Item of part 1 of article 12 of the Law before the words "about danger of bankruptcy" with words "voluntary bankruptcy or".

Article 10. In article 13 of the Law:

To exclude 1) from part 1 of the word "also is subject to the termination if the decision on recognition of the debtor by the bankrupt on the previous proceeedings takes legal effect";

2) the second offer of part 2 to state in the following edition: "The court according to the procedure, established by part 2.1 of this Article, appoints the interim manager on bankruptcy.";

Part 2.1 to state 3) in the following edition:

"2.1. The court in case of the proceedings initiated according to the statement for forced bankruptcy along with acceptance to production of the statement appoints the creditor (in the presence of several creditors – all creditors), and in case of the proceedings initiated according to the statement for voluntary bankruptcy – the candidate for interim managers provided by the creditor, the interim manager, having checked compliance of the candidate of the managing director to requirements, the stipulated in Clause 22 presents of the Law. If the candidate is not provided, or he does not conform to requirements, the stipulated in Clause 22 presents of the Law, then the court within one day represents the requirement about nomination of the managing director to the Ministry of Justice of the Republic of Armenia, both election of the new candidate and appointment of the managing director are performed according to the procedure, established by parts 6 and 7 of article 22 of this Law.";

To add 4) with part 3.1 following of content:

"3.1. Document flow between court, state bodies and local government bodies and the managing director on bankruptcy can be performed by electronic method which procedure establishes the Government.".

Article 11. In article 14 of the Law:

The word "insolvent" to replace 1) in part 1 Item "and" with the word "bankrupt";

The word of "claimant" to replace 2) in part 4 with the word of "applicant".

Article 12. Regarding the 4th article 15 of the Law to replace the word of "claimant" with the word of "applicant".

Article 13. To state part 2 of article 15.2 of the Law in the following edition:

"2. To production and convocation of judicial session the judge makes the decision on adoption of the statement. Along with adoption of the statement to production the court appoints the managing director of the candidate provided by the debtor, having checked the candidate's compliance in managing to requirements, stipulated in Clause 22 presents of the Law. In case of discrepancy of the provided candidate in managing to requirements, the stipulated in Clause 22 presents of the Law, the court within one day represents the requirement about nomination of the managing director to the Ministry of Justice of the Republic of Armenia, both election of the new candidate and appointment of the managing director are performed according to the procedure, established by parts 6 and 7 of article 22 of this Law.".

Article 14. In the second paragraph of part 1 of article 15.4 of the Law of the word "or according to the procedure, approved with separate departments, including means of electronic communication" shall be replaced with words ", and in the presence – electronic document management systems".

Article 15. In article 16 of the Law:

1) in heading of the word "and statements for forced bankruptcy" shall be replaced with words "statements for bankruptcy";

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