UPPER HOUSE STARTS SESSION WITH DEBATE ON BANKRUPTCY LAW CHANGE

ZAGREB, March 9 (Hina) - The Croatian National Parliament's House of Counties resumed its 25th session on Tuesday with a discussion on amendments to the bankruptcy law. The amendments were suggested within the Croatian Government's proposals for the resolution of problems of the illiquidity The purpose of the proposed changes in the bankruptcy law is to eliminate subjects that are unable to fulfil their obligations. Draft provisions which should help accelerate the bankruptcy proceedings is the ones under which the public attorneys are entitled to bring a motion on instigating the bankruptcy proceedings against defaulters on behalf of creditors such as the Republic of Croatia, counties and the City of Zagreb of which they are legal counsel. Funds which receive financial means from the state budget, and units of the local self-government are to have such obligation. Proposed amendments would attach a greater responsibility of members of debtors' management for initiating the bankruptcy proceedings. They suggest that trustees in bankruptcy should fulfil additional requirements for this job. Besides the discussion on this matter, another six motions of the agenda of the 25th session will be considered by the upper house. (hina) ms