IFC reveals movable property register’s launch date in Azerbaijan
Baku, Azerbaijan, Sept. 21
By Azad Hasanli – Trend:
The International Finance Corporation (IFC) hopes that the register of movable property in Azerbaijan will start operating in the near future, Aliya Azimova, head of the IFC’s Baku office, told Trend.
Azimova recalled that the Azerbaijani Parliament had already adopted the law “On encumbrance of movable property,” which envisages creation of a register of movable property.
She said that the work to create the register continues, adding that the register may start operating next year.
The law “On encumbrance of movable property” will simplify the use of various equipment and other movable objects as collateral when obtaining a loan.
The movable property register, where information on movable objects will be stored, will make it possible for any credit organization to check whether an object of pledge is already pledged within another loan. A special portal will be created within the framework of the law, and anyone will be able to register his or her personal property and subsequently use it as collateral with the help of the portal.