Azerbaijan presents roadmap, new initiatives for 'Business Bankruptcy' indicator

Economy Materials 15 May 2024 20:50 (UTC +04:00)
Elchin Mehdiyev
Elchin Mehdiyev
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BAKU, Azerbaijan, May 15. The working group of the Commission on Business Environment and International Ratings has held a meeting presenting a roadmap for 2024 and new initiatives for implementing improvements and communication for the 'Business Bankruptcy' indicator under the World Bank Group's Business Ready project, Trend reports.

Representatives of the Secretariat of the Business Environment and International Ratings Commission, the Ministry of Justice of Azerbaijan, the Ministry of Economy of Azerbaijan, and the State Tax Service under the Ministry, the Central Bank of Azerbaijan, the head and members of the working group, as well as experts engaged by the World Bank, participated in the event.

The event speakers, head of the Secretariat of the Commission Vusal Shikhaliyev and head of the 'Business Bankruptcy' working group Ramin Garagurbanli, briefed on the latest reforms in the discussed area.

Garagurbanli stated that throughout the meetings, there was a unanimous agreement on the necessity of producing a new draft law because the old legislation does not adequately meet modern challenges.

According to him, the new law should cover not only bankruptcy issues but also restructuring.

"Among the recommendations given by our experts, it was important that the title of the law be changed, and it should directly reflect the state's priority direction in this area, because today our state not only regulates the bankruptcy sphere but also creates necessary conditions for the restructuring of business entities," said Garagurbanli.

During the event, Deputy Head of the Legal Department of the Ministry of Economy Nurana Abbasova, addressing the new "Assessment Activity Law", highlighted its positive impact on the business environment.

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