APA-Economics reports that Ziyad Samadzade, chairman of Economic Policy Committee of the Azerbaijani Parliament, said it’s offered to annex a new article to this Law. The chairman added that this amendment is related to improvement of investment and insurance market in Azerbaijan: “According to the new article, along with this law, taking into account the requirements of Laws of Azerbaijan on “Investment Funds” and “Insurance Activity”, the shareholder investment fund and the insurer, are declared insolvent”.
This law concerns all commercial and noncommercial organizations (excluding banks). The document does not concern the Central Bank of Azerbaijan.
The “debtor” concept in the law concerns both indebted enterprises and individual debtors.
This amendment aims to eliminate the incongruousness between the Laws on “Insolvency and Bankruptcy” and “Banks”.
The document was adopted after voting.
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