CABINET OF MINISTERS APPROVED “THE CONTENTS OF THE DEBTOR’S RECOVERY PLAN”
The new changes are reflected in “The Contents of the Debtor’s Recovery Plan” approved, based on the amendments in the law of Azerbaijan Republic “On Insolvency and Bankruptcy”, by the Cabinet of Ministers. According to the document, the debtor's recovery plan is prepared by the debtor, accepted by the creditors' meeting and approved by the court.
The plan includes the amounts of money required to repay the claims of the creditor (creditors) involved in the debtor's recovery, the procedure and terms of execution of these claims, measures related to the execution of the plans for recovery of the debtor and measures including control over the execution, grounds for the termination of the debtor’s recovery plan and its results.
This plan may provide for the repayment of the debtor's monetary obligations through one or more measures. The total number of measures is 16, and among them are partly payments, changes in the terms of the monetary obligations, assignment of the non-pledged or non-mortgaged property of the debtor and others.
Liquidation analyses are added to the debt repayment plan. These analyses show the benefits associated with the creditors in case when recovery plan is used compared to the absence of such plan. The debtor's recovery plan also includes financial analysis that confirms the ability and ability of the debtor to fulfill the terms of that plan.
Source link: “The Contents of the Debtor’s Recovery Plan”
