Armenian MP suggests amending law on bankruptcy
20.05.2020,
15:51
Mikael Melkumyan, an Armenian parliament member from the opposition Prosperous Armenia party, suggested today amending the law on bankruptcy.
YEREVAN, May 20. /ARKA/. Mikael Melkumyan, an Armenian parliament member from the opposition Prosperous Armenia party, suggested today amending the law on bankruptcy.
Speaking at a meeting of the parliamentary committee on economic issues, he said now the bankruptcy proceeding begins if there is a delay in undisputed payment obligations in the amount of 1000 minimum wage, which is one million drams. Melkumyan argued that the amount of debt required to start bankruptcy proceedings be doubled.
"The main reason, why we want to raise the threshold is to prevent active bankruptcies during the coronavirus crisis," he said.
The second reason, according to MP is that under the law passed earlier, the total amount of debts, allowing the head of the State Revenue Committee to order the seizure of the debtor's property, was increased from 500 thousand drams to 1.5 million drams.
“As a rule, a seizure of property precedes bankruptcy, but does not follow it. Now, the amount required to start a bankruptcy procedure is the same- 1 million drams, while the total amount of debts, allowing the head of the State Revenue Committee to order the seizure of the property was raised to 1.5 million drams,” Melkumyan said.
The deputy’s proposal was approved by the committee. ($1 - 484.65 dram) -0-
Speaking at a meeting of the parliamentary committee on economic issues, he said now the bankruptcy proceeding begins if there is a delay in undisputed payment obligations in the amount of 1000 minimum wage, which is one million drams. Melkumyan argued that the amount of debt required to start bankruptcy proceedings be doubled.
"The main reason, why we want to raise the threshold is to prevent active bankruptcies during the coronavirus crisis," he said.
The second reason, according to MP is that under the law passed earlier, the total amount of debts, allowing the head of the State Revenue Committee to order the seizure of the debtor's property, was increased from 500 thousand drams to 1.5 million drams.
“As a rule, a seizure of property precedes bankruptcy, but does not follow it. Now, the amount required to start a bankruptcy procedure is the same- 1 million drams, while the total amount of debts, allowing the head of the State Revenue Committee to order the seizure of the property was raised to 1.5 million drams,” Melkumyan said.
The deputy’s proposal was approved by the committee. ($1 - 484.65 dram) -0-
