Reduce the time for bankruptcy and speed up repayment of accounts payable, such an initiative of the Government was discussed by deputies of the Committee on Economic Policy, Budget and Finance. The Head of the Committee Oleg Vasilatiy explained that the bankruptcy process is attended by the Arbitration Court, creditors, managers and state authorities that exercise control over this area of activity. Bankruptcy proceedings may be delayed for various reasons. Some enterprises have been in it for more than 10 years.
Bankruptcy proceedings will be simplified and concretized. In addition, the law will prescribe requirements for creditors who carry out liquidation activities, arbitration managers, and executive bodies of state power. A framework for arbitration managers will also be established related to the time frame for execution and liability for non-execution of any procedures.
The Grigoriopol Council of People's Deputies, as the subject of the law of legislative initiative, proposed more efficient use of state and municipal property, which is in the process of privatization.
The Economic Policy Committee supported this initiative. According to Oleg Vasilaty, the privatization procedure should not violate the economic activities of these enterprises.
The legislations considered by the committee will be recommended to the Supreme Council for adoption in the first reading.