Azerbaijan concretizes timing of bankruptcy procedures

Baku. 6 October. REPORT.AZ/ The law "On the ruin and bankruptcy", "On Investment Funds", "On Banks", "On insurance activity" amended at the plenary session of the Milli Majlis.

Report informs, the amendments concretize timing of bankruptcy procedures. Thus, according to the amendment to the law "On Banks", the sale of assets in a public auction to be held no later than 30 days from the date of the recognition of the bank's bankruptcy.Prior to the amendment this period was not specified.

Amendments to the law "On insurance activity" and "On Investment Funds" also include this provision.Thus, the sale of the property of the insurer at a public auction to be held no later than 30 days from the date of entry into force a recognition of bankruptcy.

The amendment to the law "On the ruin and bankruptcy" provides for recognition of the joint-stock investment fund and insurer bankrupt in accordance with the requirements of the law, along with the requirements of the law "On Investment Funds" and "Insurance activity", respectively.