QURGHON TEPPA, May 30, Asia-Plus — A roundtable meeting to discuss amendments to the country’s law on bankruptcy was held in Qurghon Teppa, the capital of the Khatlon province on May 29.
During the meeting, it was noted that the bankruptcy law adopted in 2002 already requires improvement.
Speaking at the meeting, Ms. Munira Kalemulloyeva of the Association of Anti-crisis Managers noted that the bankruptcy legislation had been worked out on the basis of the Russian Federation bankruptcy law. “In our opinion, the law requires improvement to meet the present country’s economy,” said Ms Kalemulloyeva. “I believe addenda and changes proposed to the law will attract outside investors.”
According to her, the bankruptcy law in force impedes further development of small and medium-sized enterprises in the country. “For example, under the current law, if farming units fails to repay debt within three months, it will be announced bankrupt, and if amendments are not made to the law, the majority of farming units will automatically become bankrupt,” the expert said.
The meting participants also noted that that the current bankruptcy law could impede Tajikistan’s joining the World Trade Organization (WTO).
Mr. Taqdir Tashripov, the head of the Association of Anti-crisis, expressed hope that their motions will be considered by parliamentarians. “They should realize that amendments to the law will improve the investment climate in the country and attract outside investments,” Tashripov said.
The meeting was staged by the Anti-crisis Managers’ Association in partnership with the Khatlon directorate for investments and state-owned property management.
