YEREVAN. - Fraudulent bankruptcy in Armenia is still punished by law, Armenian Deputy Justice Minister Arsen Mkrtchyan stated in the parliament Tuesday, introducing the amendments to the Law on Bankruptcy and a number of accompanying bills.

The bill stipulates to assist the companies in bankrupt or pre-bankrupt condition to undergo financial restructuring. The terms for program restructuring will be extended from 24 to 72 months, while the debtors will have to attract the funding for them also from their creditors.

Together with the assistance to the bankrupts, nobody cancels the responsibility for the false or fraudulent bankruptcy. Similar legal proceedings are underway, there also being conviction cases, he added.