In order to empower the private sector, ensure maximal state support for business, and foster job-creation, the Government of Georgia has approved the Draft Law on Rehabilitation and Collective Debt Settlement.
“Today, we are discussing a very important bill, the Draft Law on Rehabilitation and Collective Debt Settlement, developed in detail by the Ministries of Justice, Economy, and Finance. It is a result of extensive work”, – said the Prime Minister of Georgia at today’s Government meeting.
“Developed with the engagement of the private sector and experts from international organizations, and based on best practices, the draft law offers solutions to businesses in dire financial straits. The law will enable businesses to use rehabilitation mechanisms instead of insolvency procedures at the earliest stages of financial crises.
I am confident that it will be one of the most successful international-level draft laws, one tremendously benefiting Georgia”s economy. Over the years, we have felt the hardship of companies facing financial difficulties. And this law will enable them to stave off insolvency and recover at the rehabilitation stage. And for us, that, above all else, means saving jobs and providing the greater good for our citizens”, – explained Giorgi Gakharia.