Significant Changes to the Bankruptcy Legislation
Amendments to the Law of the Republic of Azerbaijan "On Insolvency and Bankruptcy" dated April 24, 2018
Several significant amendments and additions have been made to to the Law of the Republic of Azerbaijan on Insolvency and Bankruptcy by the Law of the Republic of Azerbaijan, coming into force on April 28, 2018.
Accordingly to the amendments, significant changes have been made with respect to the rehabilitation rules of legal entities. The new amdnements establish the submission requirements for rehabilitation procedure, the procedure for rehabilitation and the legal consequences of the commencement of the rehabilitation process.
Furthermore, the right to sell assets which constitute less than 5 percent of the value of the debtor's assets was transferred to the bankruptcy administrator of the property without the consent of the creditors' meeting and the scope of the right of the administrator to challenge validity of some contracts was expanded.