Collection process of collateral to be streamlined in Armenia
ArmInfo. The Parliament of Armenia at the plenary session on November 13 in the second and final reading amended the Civil Code.
Presenting the draft document, RA First Deputy Minister of Justice
Rafik Grigoryan noted that the bill provides for streamlining the
process of collecting the subject of pledge.
In particular, it was proposed to establish that the court may
suspend the process of collecting the pledge if the pledgor provides
sufficient ensuring potential losses of the pledge holder, but not
more than the value of the subject of pledge to compensate for
possible losses of the pledge holder. In other words, the judicial
authority will have the right to suspend the collection process if
the pledger provides adequate security commensurate with the probable
losses of the pledge holder, but not more than the value of the