Georgia enacts modern insolvency law
On 1 April 2021, a new and modern insolvency law will come into force in Georgia, namely the law “On Rehabilitation and Collective Satisfaction of Creditors”, which was adopted on 18 September 2020. This ends a long reform debate. The law brings a fundamental change in philosophy from the liquidation of the debtor company and the realisation of the insolvency estate to insolvency proceedings focused on the rehabilitation of the debtor and the preservation of jobs. The German Economic Team has supported the reform process for many years.