Work on new draft law on insolvency will be competed in summer

Work on new draft law on insolvency will be competed in summer

Work on insolvency will be completed in summer, after which public discussions will start.

The draft law envisages taking away of the judiciary the functions, which lead to protraction of proceedings, such as the function of holding meetings. Also, new draft law doesn’t include the Council of Reconciliation. Nana Amisulashvili, partner of VBAT Company, states that the insolvency proceeding should not be retracted and it should not incur additional expenses for a business.

“Presently, all the cases are being retracted. We want the new version to make the proceedings shorter. For this purpose, we should set reasonable deadlines and relieve the court of extra responsibilities. Now the court has many needless obligations. For instance, it chairs meetings and fulfils the function of a notary. We can leave for the court arguable issues it is competent in. Also, the Council of Reconciliation has no function and it just retracts the proceedings”, – states Nana Amisulashvili.

As for the possibility that insolvency will cover also physical persons, Nana Amisulashvili stated that so far such an article has not been included into the draft law.

“The will to include physical persons into the insolvency issue has been expressed. We should be very careful about this. It is crucial that nobody gets harmed, including creditors, issuing loans”, – states Amisulashvili.

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