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Economic Chamber initiates pre-bankruptcy settlement.

Prior to adopting the announced Law on Financial Discipline, it is necessary to make a pre-bankruptcy settlement because in practice this measure is insufficiently or not used at all. The Executive Committee of the Economic Chamber of Macedonia (SKM) said there is an apparent gap between the formal and real legal bankruptcy procedure. Therefore, bankruptcy of an enterprise in the Republic of Macedonia usually means it will disappear, SKM said.

The Chamber considers that with the latest modifications and amendments to the Law on Bankruptcy, since 29 May 2013, efforts for mild turning to the model of restructuring and survival of the bankrupt obligor have been made.

"Bearing in mind the current state of the Macedonian economy in the field of solvency and indebtedness, cleaning of the perspectives from the non-perspective insolvent legal entities is needed before introducing the announced Law on Financial Discipline," SKM said.
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Title Annotation:BANKING
Publication:Macedonian Business Monthly
Date:Oct 1, 2013
Words:146
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