Azerbaijan proposes to allow transfer of debt claims to debtor's securities

Azerbaijan proposes to allow the transfer of debt claims to a debtor's securities, Report informs referring to proposed amendments to the laws "On Execution" and "On the Securities Market."

The draft law was considered during today's meeting of the Milli Majlis Committee on Legal Policy and State Building. Specifically, it is proposed to include a new Article 46-1 titled "Foreclosure of Claims on Debtor's Securities" in the law "On Execution."

The new article defines the procedure for foreclosing claims on physical securities found with the debtor, uncertificated securities registered in their name, as well as physical securities stored in the central depository.

According to the draft law, requesting information on a debtor's securities, imposing a lien on them, and foreclosing claims will be carried out through the Electronic Execution information system.

It is also proposed to make corresponding amendments to the law "On the Securities Market."