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Insolvency Reforms in Azerbaijan: Achievements and Impact on Time and Creditors

This report highlights the main achievements of insolvency reforms in Azerbaijan from 01.05.2018 to 01.05.2019, including the establishment of time limits and criteria for proceedings, effective reorganization proceedings, and satisfying the claims of secured creditors.

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Insolvency Reforms in Azerbaijan: Achievements and Impact on Time and Creditors

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  1. REPUBLIC OF AZERBAIJAN CENTER FOR ANALYSIS OF ECONOMIC REFORMS AND COMMUNICATION REPUBLIC OF AZERBAIJAN MINISTRY OF JUSTICE RESOLVING INSOLVENCY www.justice.gov.az

  2. REPUBLIC OF AZERBAIJAN MINISTRY OF JUSTICE REPUBLIC OF AZERBAIJAN CENTER FOR ANALYSIS OF ECONOMIC REFORMS AND COMMUNICATION RESOLVINGTHE INSOLVENCY Areas of reforms (01.05.2018-01.05.2019) Starting the process of bankruptcy Stages of insolvency. Satisfying the claims of creditors Participation of creditors in rehabilitation process www.jutice.gov.az

  3. REPUBLIC OF AZERBAIJAN MINISTRY OF JUSTICE REPUBLIC OF AZERBAIJAN CENTER FOR ANALYSIS OF ECONOMIC REFORMS AND COMMUNICATION RESOLVINGTHE INSOLVENCY Main achievements of the insolvency reforms (01.05.2018-01.05.2019) Established time limits/criteria for proceedings and reduced time frameworks for insolvency process Establishing effective reorganization proceedings Divided creditors into groups, and ensured that all creditors within the same group are treated equally Legally required that creditors have to give approval for the selling of debtor’s substantial assets www.jutice.gov.az

  4. REPUBLIC OF AZERBAIJAN CENTER FOR ANALYSIS OF ECONOMIC REFORMS AND COMMUNICATION REPUBLIC OF AZERBAIJAN MINISTRY OF JUSTICE RESOLVING THE INSOLVENCY Established time limits and criteria for starting insolvency proceedings in court • Article 3of the Law on Bankruptcy and Insolvency wwwjustice.gov.az

  5. REPUBLIC OF AZERBAIJAN CENTER FOR ANALYSIS OF ECONOMIC REFORMS AND COMMUNICATION REPUBLIC OF AZERBAIJAN MINISTRY OF JUSTICE RESOLVING INSOLVENCY • Established time limits for courtproceedings • Article 10-1of the Law on Bankruptcy and Insolvency Impact: Time www.justice.gov.az

  6. REPUBLIC OF AZERBAIJAN MINISTRY OF JUSTICE REPUBLIC OF AZERBAIJAN CENTER FOR ANALYSIS OF ECONOMIC REFORMS AND COMMUNICATION RESOLVING INSOLVENCY • Established time limits for bankruptcy process New timeframe New timeframe Decreased timeframe Impact: Time www.justice.gov.az

  7. REPUBLIC OF AZERBAIJAN MINISTRY OF JUSTICE REPUBLIC OF AZERBAIJAN CENTER FOR ANALYSIS OF ECONOMIC REFORMS AND COMMUNICATION RESOLVING THE INSOLVENCY Satisfying the claims of secured creditors wwwjustice.gov.az

  8. REPUBLIC OF AZERBAIJAN MINISTRY OF JUSTICE REPUBLIC OF AZERBAIJAN CENTER FOR ANALYSIS OF ECONOMIC REFORMS AND COMMUNICATION RESOLVING THE INSOLVENCY Costs of fulfilment of requirements wwwjustice.gov.az

  9. REPUBLIC OF AZERBAIJAN CENTER FOR ANALYSIS OF ECONOMIC REFORMS AND COMMUNICATION REPUBLIC OF AZERBAIJAN MINISTRY OF JUSTICE RESOLVING THE INSOLVENCY Participation of creditors in the rehabilitation process www.justice.gov.az

  10. REPUBLIC OF AZERBAIJAN MINISTRY OF JUSTICE REPUBLIC OF AZERBAIJAN CENTER FOR ANALYSIS OF ECONOMIC REFORMS AND COMMUNICATION RESOLVING THE INSOLVENCY APPENDIX: LEGAL BASIS OF RECENT REFORMS www.taxes.gov.az

  11. Thank you for your attention! www.arxkom.gov.az

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