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CLDP and BRIPA join forces to strengthen Georgia's Insolvency System
March 28, 2023

CLDP and BRIPA join forces to strengthen Georgia's Insolvency System

CLDP (Commercial Law Development Program) recently cohosted and joined the “Second Working Meeting on Georgian Insolvency Law” with Georgia’s Business Rehabilitation and Insolvency Practitioners Association (BRIPA). This meeting brought together judicial assistants and decision writers from four different courts in Georgia to discuss policy issues, implementation challenges, and potential amendments to Georgian insolvency law.

As part of our commitment to supporting this important initiative, CLDP will collect global expertise to provide responses based on international best practices to questions raised at the working meetings. Meanwhile, BRIPA will continue to form a Working Group of judges and practitioners to develop specific proposed amendments based on the discussions and CLDP-gathered responses.

The ultimate goal is to strengthen Georgia’s insolvency system, facilitating economic development by reorganizing viable companies in financial distress, liquidating non-viable companies in a fair and transparent manner, and maximizing returns to creditors and investors. We’re excited to be part of this important effort and look forward to supporting BRIPA and the Georgian insolvency community in their ongoing efforts.