LAW OF THE AZERBAIJAN REPUBLIC

of June 27, 2003 No. 492-IIQ

About unsettled debts on due payments of buyers of the small enterprises privatized according to the Azerbaijan Republic approved by the Law of September 29, 1995 No. 1120 "The state program of privatization of state-owned property in the Azerbaijan Republic in 1995-1998"

This Law regulates payment on favorable terms of unsettled debts on due payments of buyers of the small enterprises privatized according to the Azerbaijan Republic approved by the Law of September 29, 1995 No. 1120 "The state program of privatization of state-owned property in the Azerbaijan Republic in 1995-1998" (further - the State program).

Article 1. Scope of the Law

The rules established by this Law extend to unsettled debts on due payments (further - debts) buyers of the small enterprises privatized according to the State program (further - small enterprises).

Article 2. The privileges applied in case of repayment of debts

2.1. In case of repayment of unsettled debts on due payments of buyers of the small enterprises specified in article 1 of this Law the privileges established below are applied:

2.1.1. in case of repayment during 1 year by the buyers who did not perform in the procedure established by the legislation and terms in full payment for the first year of due payment, 75 percent of the remained debts 25 percent of debt are written off;

2.1.2. in case of repayment during 1 year by the buyers who performed in the procedure established by the legislation and terms in full of payment for the first year of due payment, however not performed (or partially performed) payments the next years, 50 percent of the remained debts, 50 percent of debt are written off;

2.1.3. in case of repayment during 1 year by the buyers who performed in the procedure established by the legislation and terms in full of payment for the first and second year of due payment, however not performed (or partially performed) payments for the third year, 25 percent of the remained debts, 75 percent of debt are written off.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info