Bankruptcy proceedings to be speeded up.
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.