The Insolvency and Bankruptcy Procedure Improving

Several important legislative initiatives were considered today by deputies of the Committee on Economic Policy, Budget and Finance. Among them there is a package of legislations that are designed to increase the effectiveness of relations in the field of bankruptcy. For example, the adoption of a set of measures to accelerate the repayment of accounts payable, primarily on wages to former employees of bankrupt enterprises, to increase the efficiency of arbitration managers, to determine the procedure for managing property in the event that the debtor's property is transferred to state (municipal) ownership within the framework of insolvency procedures (bankruptcy, a mechanism that implements economic measures to prevent bankruptcy, toughening for crimes in the field of bankruptcy, the introduction of a simplified procedure for processing documents for the property of a legal entity declared insolvent (bankrupt)).

The package of legislations appeared as a result of the analytical work of the Parliament to identify the problems of the institution of bankruptcy and the working group with the involvement of representatives of the Administration of the President of the Pridnestrovian Moldavian Republic, the Government, the Ministry of Economic Development, the Ministry of Justice, the Ministry of Education, the Prosecutor's Office of the Pridnestrovian Moldavian Republic, the Arbitration Court, the Pridnestrovian Republican Bank, Pridnestrovian State University named after Taras Shevchenko, local authorities, deputies of the Supreme Council of the Pridnestrovian Moldavian Republic.

They are presented in a package of 6 legislations that introduce amendments and additions to the laws “On insolvency (bankruptcy)”, “On appraisal activities”, “On state registration of rights to real estate and transactions with it”, “On the basics of the tax system in the PMR ”, “On the organization for property management” and the Criminal Code of the PMR. The authors of the legislations are Chairman of the Supreme Council Alexander Korshunov and Deputy Chairman of the Committee on Regional Policy Anton Onufrienko. The authors are confident that the adoption of legislative initiatives will reduce social tensions associated with lengthy consideration of bankruptcy cases and non-payment of debts to creditors, will retain legal entities in the economic system of the republic, and will effectively manage property received as a result of the completion of bankruptcy procedures.