Armenian Prime Minister instructed to increase the efficiency of bankruptcy procedures

ArmInfo. A strict procedure  of  bankruptcy and direct control system should be capsulated in Armenia,  and the rules of engagement should be defined clearly. This was  stated by Karen Karapetyan, the Prime Minister of Armenia, at the  Government Session on May 25. 

According to him, based on the results of the studies conducted, it  has been discovered  that only in 2016- 2017 due to overdue payables  of entities forming AMD 22 bln, 2100 cases were raised. In respect to  some entities optional tools could be implemented. Moreover, the  activities of many bankruptcy managers is insufficient, and the  bankruptcy procedures last very long. " the process turns  unmanageable. We should show a stricter approach to that, and  implement new rules," the Prime Minister summarized.