Prior to the current Insolvency Reform, Georgia’s legislative framework regulating insolvency proceedings fell short of meeting international standards – it did not meet neither creditors’ nor debtors’ needs and failed to offer incentives to the insolvent companies to choose rehabilitation as their optimal strategy for resolving financial difficulties.

Georgia’s new insolvency law – the Law of Georgia on rehabilitation and the collective satisfaction of creditors’ claims – became effective on 1 April 2021. Under which, if a business operating in Georgia has reached a low ebb and is no longer able to meet its financial obligations, it has the opportunity to regulate relations with creditors based on new legislative instruments – effectively, it is able to rehabilitate and return to the market in a viable manner, or, if necessary, it might declare bankruptcy and exit the market.

In November, ISET Policy Institute conducted a training series for civil society organizations (CSO) and private sector associations (PSA). This course was one part of the “Develop the advocacy capacity of civil society organizations and private sector associations” project, supported by the USAID Economic Governance Program.

The ISET Policy Institute, the USAID Economic Governance Program, and Internews Georgia hosted a two-day training course to introduce journalists to the MediaTOR platform and its Library of Economic Reforms for Media.

The International School of Economics in Tbilisi (ISET) and ISET Policy Institute are seeking a multimedia designer.