Tigran Arzakantsyan Declared Bankrupt

The bankruptcy court judge Samvel Tadevosyan has decided to declare former MP and businessman Tigran Arzakantsyan bankrupt, according to A1+.

It is worth noting that the case for declaring Tigran Arzakantsyan bankrupt had been under consideration in domestic courts for the past four years. The request for bankruptcy was initiated by businessman Smbat Nasibyan.

The basis for the request was a decision made by a sole arbitration tribunal on October 7, 2013, which recognized Smbat Nasibyan's ownership rights over 20% of the shares of “AMGM” LLC, which had been pledged by the respondent in exchange for a loan agreement amounting to 4,350,000 USD.

It was also decided to apply to confiscate all monetary assets or other property belonging to Tigran Arzakantsyan, located either within Armenia or outside its borders, in the amount of 965,260 USD or the equivalent amount in Armenian dram or other currencies.

It should be reminded that in September 2022, the judge of the Bankruptcy Court of the Republic of Armenia, Lilit Katvalyan, had previously declared former MP Tigran Arzakantsyan bankrupt. Since then, the case has circulated through various courts and has been sent back to the Bankruptcy Court again.