Reduce Bankruptcy Procedure

Deputies considered and adopted amendments to the law on bankruptcy proposed by the Government in the first reading. The law-in-draft presents a set of measures that will reduce the time of the procedure itself and accelerate the process of satisfaction of accounts payable.

In addition, the law-in-draft provides for increased responsibility of arbitration managers and creditors for delaying the bankruptcy process.

The law-in-draft on bankruptcy envisages a change in the procedure for the sale of property in bankruptcy proceedings. It also determines the size of the value of the property, the implementation of which is possible without market assessment. In addition, the proposed rules change the payment of current tax payments. To date, 22 enterprises are in bankruptcy proceedings in the republic.

The Supreme Council will continue to work on the law-in-draft in the second reading.