The Council of Europe (CoE) in cooperation with the World Bank and the Ministry of Justice of the Republic of Armenia facilitated a round-table discussion on amendments to the Law of the Republic of Armenia on Bankruptcy. The Round-table discussion was organised within the framework of the Joint Project with the European Union (EU)and CoE on “Strengthening the Independence, Professionalism and Accountability of the Justice System in Armenia”.
This event brought together experts involved in the drafting of the amendments to the Law on Bankruptcy, the CoE and the World Bank experts, as well as the representatives of the Ministry of Justice, Ministry of Finance, Ministry of Economy, the Judiciary, the Central Bank of Armenia, other banks of Armenia and relevant legal professionals.
The CoE and the World Bank experts provided feedback to the compliance of the proposed amendments in the Law on Bankruptcy to the Council of Europe and international standards. Based on the results of these discussions the Armenian experts will make relevant revisions in the draft amendments package.
In her opening remarks, Head of CoE office in Yerevan Ms Natalia Voutova underlined the importance of the reforms in the insolvency field and improvement of the investment market in Armenia in line with the Council of Europe requirements. First Deputy Minister of Justice Arsen Mkrtchyan emphasized that the Ministry of Justice of the Republic of Armenia welcomes this initiative and finds the amendments very important for contributing to the improvement of the Armenian insolvency system reform in line with the Council of Europe and the International standards.