Wednesday, November 13 2019 11:53
Alexandr Avanesov

Collection process of collateral to be streamlined in Armenia

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  pledge.

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