Asian Development Bank Presents Draft Insolvency Code and Concept Paper to Armenian Stakeholders

On 8-9 June 2024 in Tsaghkadzor, Armenia, the Asian Development Bank's (ADB) Office of the General Counsel’s Law and Policy Reform (LPR) Program, in collaboration with the Ministry of Justice of Armenia and the Armenian Resident Mission, held stakeholder consultations on the development of a new insolvency code. Mr. Nicholas Moller, LPR Counsel, led ADB consultants in presenting a draft insolvency code and concept paper on bankruptcy reform to members of the Supreme Judicial Council, the Ministry of Economy and others, gathering valuable feedback. The new code features provisions that give insolvent businesses the option to reorganize and restructure, an important step towards a stronger Armenian private sector. The development of the insolvency code is part of a larger effort among the LPR team, the resident mission and the Ministry of Justice to advance legal and judicial reform in Armenia.