LAW OF THE AZERBAIJAN REPUBLIC

of April 25, 2017 No. 636-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; The Law of the Azerbaijan Republic of February 1, 2017 No. 510-VQD) to make the following changes:

1. In the Item of part 4 of Article 19 and in the Item "in" of the first part of Article 55 of the word "connected with the debtor" shall be replaced with words "affiliates of the debtor".

2. As regards the 4th Article 20:

2.1. in the Item "an" after the word of "debtor" to add with words "current", after the word "agreements" to add with words ", and also loan agreements (credit)";

2.2. in the Item "g" after the word "rather" to add with the words "and to the sales plan".

3. Under Article 21:

3.1. in the Item "g" shall be replaced with words the word of "assets" "carry out inventory count of assets … and them";

3.2. in the Item "z" after the word "for" to add with the words "prepare the sales plan, call for its approval creditor meeting and … according to the approved sales plan".

4. Add with Article 24-1 of the following content:

"Article 24-1. Sale of fixed assets of the debtor

Sale of fixed assets of the debtor is performed by open auction according to the sales plan prepared by the administrator of property and approved by creditor meeting, or other methods in the presence of circumstances, the stipulated in Clause 26 these Laws.".

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