ZAGREB, Dec 14 (Hina) - Parliament's House of Representatives began Thursday's session by debating a final bill of amendments to the Bankruptcy Law aimed at stepping up bankruptcy proceedings and providing better care for workers in
bankrupt companies. The main goal of the amendments is to enhance the efficiency of bankruptcy proceedings, especially those involving reorganisation, said Deputy Justice Minister Ranko Marijan. Also, the amendments place employees' claims in the first order of payments from the bankruptcy estate, which ensures a better settlement of their claims. The amendments also introduce the institute of sale of a company as a whole, which will provide better and faster restructuring. The amendments ensure a higher discipline in creditors' conduct, increasing their liability in bankruptcy proceedings. In the future, bankruptcy trustees' lists would be drawn by the president of the Supreme Com
ZAGREB, Dec 14 (Hina) - Parliament's House of Representatives began
Thursday's session by debating a final bill of amendments to the
Bankruptcy Law aimed at stepping up bankruptcy proceedings and
providing better care for workers in bankrupt companies.
The main goal of the amendments is to enhance the efficiency of
bankruptcy proceedings, especially those involving
reorganisation, said Deputy Justice Minister Ranko Marijan. Also,
the amendments place employees' claims in the first order of
payments from the bankruptcy estate, which ensures a better
settlement of their claims.
The amendments also introduce the institute of sale of a company as
a whole, which will provide better and faster restructuring.
The amendments ensure a higher discipline in creditors' conduct,
increasing their liability in bankruptcy proceedings. In the
future, bankruptcy trustees' lists would be drawn by the president
of the Supreme Commercial Court. These lists would include only
trustees with higher education and a required certificate.
Marijan said all amendments should upgrade the quality and
efficiency in the work of courts and bankruptcy trustees,
facilitate bankruptcy proceedings, and increase the possibility of
restructuring companies undergoing said proceedings.
The lower house continued the session by debating the bill.
(hina) ha