Key adjustments proposed by the draft insolvency law of Mongolia
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The Parliament of Mongolia has passed a policy document regarding “the General Directory to Improve and Update the Regulations of Mongolia until 2024” in 2021 through its resolution No.12. According to this policy document, it is pursued to revise the Bankruptcy Law of Mongolia (hereafter referred to as the “Current Law”), which was initially passed in 1997 and still in effect, amongst many other laws and regulations within 2021.
A draft of the Revised Bankruptcy Law was initially prepared in 2019 and was modified upon public hearings amongst the public, experts, lawyers, and judges. Subsequently, the revised draft law was renamed to the Insolvency Law (hereafter referred to as the “Draft Law”). Currently, the Draft Law is at the stage of another public hearing and has not yet been introduced to the Parliament of Mongolia for approval.
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