of August 4, 2005 No. ZR-158
About modification and amendments in the Law of the Republic of Armenia "About the public biddings"
Accepted by National Assembly of the Republic of Armenia on July 7, 2005
Article 1. Article 19 of the Law of the Republic of Armenia "About the public biddings" (ZR-15 of October 8, 2003) to add with part 3 following of content:
"3. Provisions of this Article do not extend on carrying out the forced biddings.".
Article 2. To recognize part 4 of article 29 of the Law invalid.
Article 3. To state article 30 of the Law in the following edition:
"Article 30. Lot assessment
1. The structure and quantity of the property included in lot, which is subject to sale at the forced biddings are established by the forced contractor, having estimated lot cost.
Assessment of property, equity part (shares, share), cultural values and the property representing special complexity in estimation sense is carried out by means of the appraiser appointed the forced contractor. The real estate appraisal is carried out by means of persons having the corresponding license whose procedure and conditions of the choice establishes the Government of the Republic of Armenia.
2. The starting price of lot sold at the forced biddings is established in the amount of 75 percent from the price of the estimated lot.
3. About the starting price of lot provided on the biddings, the forced contractor properly notifies to the debtor and the claimant (claimants). having specified procedure and terms of realization of the right side the offer of higher starting price. If concerning property of the same debtor there are two and more executive productions about collection, then the proper notice goes to all claimants on these enforcement proceedings. The debtor and the claimant (claimants) have the right during two weeks after departure of the notification by it to provide the written offer, having established higher starting price.
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