The application from the Yerevan community regarding the recognition of the "Art Alphabet" cultural foundation as bankrupt was accepted for consideration in March 2022. A temporary manager for the bankruptcy case of the "Art Alphabet" cultural foundation was appointed as Hovhannes Yeghyan.
Based on the decision of the Yerevan City Council dated October 31, 2017, an agreement for gratuitous use was signed between the Yerevan City Hall and the "Art Alphabet" cultural foundation on January 25, 2018, which provided the foundation with a space of 3100.7 square meters located at 19 Freedom Avenue in Yerevan for cultural activities and property renovation program implementation.
According to the applicant, the "Art Alphabet" cultural foundation, being responsible for cultural activities and renovation investment program, failed to fulfill the obligations stipulated by the gratuitous use agreement, resulting in overdue financial obligations exceeding 180,098,377 AMD to the Yerevan community.
The court granted the application, declaring the "Art Alphabet" cultural foundation bankrupt.
