The Ministry of Justice of the Republic of Armenia has proposed to carry out the concept of bankruptcy Law reform. The main objectives of this concept are:

• Analysis of the current situation in the field of bankruptcy, identification of significant problems and identification of needs
• Presentation of conceptual directions and solutions for legislative reform, taking into account international experience
• Designing a roadmap for the implementation of new bankruptcy legislation
• Presentation of the basis for the development of a single legislative act covering all procedural and material aspects related to bankruptcy proceedings

This concept will further serve to adopt new legislation related to the field of bankruptcy. And how well the concept will be developed after that will determine the effectiveness of legislation.