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The purpose of the draft law is to ensure the electronic implementation of bankruptcy proceedings, from its initiation to the end of the proceedings, as well as to solve some urgent and key issues arising in legal practice.

The RA Deputy Minister of Justice Ara Mkrtchyan said this while presenting the draft law on Making Amendments and Addenda to the Law on Bankruptcy in the first reading at the RA NA regular sitting on December 8.

The RA NA Vice President Hakob Arshakyan highlighted the issue of digitalization of the system, inquiring what kind of improvements there will be in the lives of specific businessmen with the adoption of the draft. “The entire bankruptcy process is transferred to the digital field, and human contact has been reduced to a minimum,” Ara Mkrtchyan said.

Ara Mkrtchyan, answering the MPs’ questions, presented clarifications regarding the evidence required at the time of submitting the bankruptcy application, the relevant documents, as well as the salaries set for the temporary manager.

The co-rapporteur, the member of the Standing Committee on State and Legal Affairs Lilit Minasyan, speaking about the digitalization strategy, noted that the Parliament should be clearly consistent with the process under the control function. She proposed to vote for the draft.