BAKU, Azerbaijan, November 6. A new mechanism for repayment of companies’ debt is being created in Azerbaijan, Trend reports.
This is reflected in the proposed amendment to the Civil Code of the Republic of Azerbaijan, which was submitted for discussion at today’s meeting of the Milli Majlis (Parliament) Committee on economic policy, industry and entrepreneurship.
If the authorized capital of a limited liability company (LLC) is increased unanimously by the company’s participants, individuals who have monetary claims against the company and are its participants may be relieved of the obligation to contribute to the authorized capital by reimbursing monetary claims. Such an action may be launched against an LLC by individuals or businesses with monetary claims against it.
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