Court to rule businesses insolvency within five days

13:33 | 08.11.2024 Category: Economic

Chisinau, Nov. 8 /MOLDPRES/- Lawmakers have adopted amendments to the Insolvency Law.

The draft law was worked out and presented to the plenum by the leadership of the Ministry of Economic Development and Digitalization.

The maximum time limit for the court to adopt the decision to initiate insolvency proceedings will be reduced from 20 days to five working days. Another provision of the document refers to the transfer of claims related to compulsory state social insurance contributions to the same rank as employees' salary claims.

The draft law also includes proposals concerning the prior formal notification of the debtor by the creditor, the management of insolvency proceedings of state or municipal enterprises and companies with wholly or majority public capital, the determination of the amount of the fixed fee of authorized administrators.

According to data of the Public Property Agency, there are currently 49 state-owned enterprises/trading companies in insolvency proceedings and 14 in liquidation proceedings.

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