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Bankruptcy proceedings to be speeded up.

Future bankruptcy trustees will have shorter terms to complete bankruptcy proceedings if the proposals and modifications put forward by the Bankruptcy Committee of the Government are accepted. The Committee proposed that the terms for taking inventory and evaluating the debtor's property, as well as the terms for reporting and investigating claims should be shorter. The terms for acting upon bankruptcy cases and the terms for acting upon complaints by the Court of Appeal and the Supreme Court will also be shortened.

Government Spokesman Aleksandar Gjorgiev explained that instead of shutting down firms through bankruptcy proceedings, reorganization of the business undertaking, that is, the options to continue operating through qualitative changes in the business, would be encouraged. The suggested modifications also set terms within which action has to be taken within the framework of the bankruptcy proceedings and that in case of unjustified delays the bankruptcy trustee may be relieved of duty.

Since its foundation a year ago, the Bankruptcy Committee has reduced the number of active bankruptcy proceedings by 20 percent. One hundred and fifty proceedings were closed last year, which is a 50 percent increase from previous years.
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Title Annotation:BANKING
Publication:Macedonian Business Monthly
Date:Feb 1, 2013
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