New bill on bankruptcy in Albania

New bill on bankruptcy in Albania

Tirana, 13 June 2016/Independent Balkan News Agency

A new bill which has arrived in the Albanian parliament aims at putting an end to a long odyssey regarding the process of bankruptcy. The government, which drafted this bill, says that it speeds up the procedures of bankruptcy and establishes a special tribunal with the same name.

The government also says that the new bill improves the business climate in the country.

The Konfindustria administrator, Gjergj Buxhuku says that the bill which is expected to be approved rescues businesses.

Known expert, professor Selami Xhepa says that the new bill removes all abuses with the bankruptcy procedures.

The initial version of the bankruptcy bill was first applied in Albania in 1994. This version is completely based on the German model. But this legal system of bankruptcy procedures was insufficient to rescue businesses. /