New priorities in bankruptcy and business recovery discussed in Azerbaijan
Ulviyya Shahin
Read moreThe "Business Bankruptcy" working group recently held its next meeting in Azerbaijan, Azernews reports that the Ministry of Justice, which leads the working group, provided details about the session.
Attendees included Vusal Shikhaliyev, Head of the Department of Economic Policy and Industrial Affairs at the Presidential Administration; the head of the Commission's Secretariat; the working group leader; Ramin Garagurbanli, a judge at the Baku Court of Appeal; Togrul Huseynov, Head of the Strategic Planning and Monitoring Department at the Ministry of Justice; and other key officials from the Ministry of Justice and Ministry of Economy, as well as representatives from the State Tax Service. The meeting focused on the "2024 Roadmap" for implementing improvements in business insolvency, as outlined in the "Business Ready" report by the World Bank Group. The group reviewed progress and discussed ongoing work.
To modernize the regulation of business bankruptcy, the Working Group has engaged international experts and prepared a preliminary draft of a new law titled "On Consolidation and Bankruptcy."
A Thematic Group, led by the Legislative Directorate of the Ministry of Justice, has been established to finalize the draft law. This group will also address amendments to other relevant legislative acts related to business bankruptcy and recovery.
Projects have been developed to update legislative acts to better record information about entities undergoing bankruptcy proceedings and individual entrepreneurs not operating as legal entities, incorporating international best practices.
In collaboration with the Ministry of Economy, the working group has researched simplified bankruptcy and recovery procedures for micro, small, and medium enterprises, incorporating recommendations from the UN Commission on International Trade Law.
The Academy of Justice continues to strengthen human capital by organizing bankruptcy and recovery training for judges, judicial candidates, lawyers, and property administrators, and by preparing necessary educational programs.
Additionally, efforts are underway to digitize the bankruptcy and recovery process. Information on bankruptcy declarations for legal entities and individual entrepreneurs is now available through the "Electronic Court" information system and a unified state procurement internet portal. The system also supports the separate publication of relevant decisions and reports.
Intensive discussions are ongoing to enhance communication and educational measures concerning bankruptcy system improvements and international requirements. The working group remains open to proposals and discussions on these matters.
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