On July 1, the Court of Bankruptcy of Armenia has ruled that former MP Arakel Movsisyan and his property be declared wanted, Armlur.am reported.

A bank had petitioned to the aforesaid court, and is forcing Movsisyan into bankruptcy.

Armlur.am has learned that the former lawmaker of the National Assembly owes a debt to this bank, which exceeds 5 million, and could not pay it, for which the bank went to court and is forcing the ex-MP into bankruptcy.

The bankruptcy court had sent respective notices to Arakel Movsisyan and given him 15 days to challenge his bankruptcy in writing. But these notices were returned to the court without being delivered to their addressee.

As a result, according to the bankruptcy law of Armenia, if the debtor is absent and his whereabouts cannot be determined, the bankruptcy court shall declare the debtor and his property, as well as accounting and other documents wanted.

Consequently, the Court of Bankruptcy of Armenia finds that Arakel Movsisyan and his property shall be declared wanted.