LAW OF THE REPUBLIC OF ARMENIA

of January 15, 2011 No. ZR-13

About modification and amendments in the Law of the Republic of Armenia "About bankruptcy"

Accepted by National Assembly of the Republic of Armenia on December 22, 2010

Article 1. Part 1 of article 1 of the Law of the Republic of Armenia "About bankruptcy" of December 25, 2006, after words of Republic of Armenia to add ZR-51-N (further – the Law) with words ", the Judicial code of the Republic of Armenia", and to replace the word "Consideration" with the word "Maintaining".

Article 2. In article 3 of the Law:

Part 2 to state 1) in the following edition:

"2. The judgment the debtor can be declared bankrupt:

1) based on the statement for involuntary insolvency if it allowed delay of the indisputable payment obligations exceeding the thousandfold size of the minimum wage established by the law for the term of 60 days and more, and the specified delay continues at the time of decision (the actual insolvency). The payment obligation is indisputable if the debtor does not object to it or if he objects to the mentioned obligation, however:

a) the payment obligation the resolution which acknowledged took legal effect or the decision is also absent possibility of its offsetting,

b) the requirement is based on the written transaction, and the debtor does not prove that it has good causes for objection against this requirement (including offsetting of the requirement),

c) the requirement follows from the obligation of the debtor on payment of the taxes established by the law, duties or other obligatory payments and the debtor does not prove that it has good causes for objection against this requirement (including offsetting of the requirement),

d) the neocoupled part of the requirement exceeds the thousandfold size of the minimum wage established by the law;

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