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New Bill Stops Applying Freezing Orders to  Whole Property of Companies

New Bill Stops Applying Freezing Orders to  Whole Property of Companies

The business sector promotion amendments will be added to the Civil Procedural Code. According to the bill, freezing orders will not be applied to the whole property of companies.

The parliament’s committee for legal issues has discussed the amendments that refer to the norms of freezing orders.

According to the amendments, a freezing order will become proportional to the claim. Consequently, if the claim makes up 1000 GEL, only 1000 GEL assets will be arrested and this measure will not be applied to the whole property of the defendant.

Deputy Economy Minister Irma Kavtaradze said that the mentioned changes will tackle those problematic issues that the business sector has been complaining about for a long period at various meetings.

The mentioned bill was elaborated by the Association of Law Companies of Georgia and Georgia-based business associations, including the American Chamber of Commerce. The mentioned issue was also discussed at the board of investors of Georgia that also embrace international finance organizations.