Originally from Enforcement of Money Judgments

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I.  PRESENT ATTITUDE TOWARD ENFORCEMENT OF FOREIGN MONEY JUDGMENTS

A. Describe the receptiveness of your government (including courts) toward enforcement of foreign money judgments.

Before its independence from the Soviet Union, the Republic of Armenia (RA) was not integrated in the system of enforcing international court judgments or arbitral awards; when necessary, such issues were resolved only by the participation and assistance of the diplomatic corps. This arrangement was dependent on the goodwill of the countries involved and provided no legal guarantees that foreign money judgments would be enforced. Today, the government’s attitude is heavily influenced by its drive to attract foreign investment and a significantly different legal framework.

The Soviet Armenian Legislature adopted a Declaration on Independence on August 23, 1990, and a successful referendum on September 21, 1991 legally established Armenia as an independent and sovereign state. Concurrent with the establishment of independence, Armenia ratified treaties and adopted laws which firmly placed it on the road to a market economy integrated into the world economy.

A series of new laws, independent from the previous communist legislation, were created to secure and augment the development of the privatization programs and to provide equal protection of the law for the people. These new laws helped pave the way for free economic activities and also provided an incentive for foreign investors to do business in Armenia. In addition to implementing reforms in the judicial and legislative systems, after independence, the Government of Armenia has continued to join a number of international agreements and treaties.