The legal framework governing insolvency procedures will be improved.
The Ministry of Economy is initiating new legislative changes concerning the procedure for insolvency of enterprises. During a meeting of the working group of the Economic Council under the Prime Minister, Minister of Economy Sergiu Gaibu called on the business community to put forward concrete proposals for amendments to the Insolvency Law, designed to simplify it and establish clearer procedures regarding the initiation and proceedings of the insolvency process. The change in the legal framework was required after the business community drew attention to a number of problems in the implementation of insolvency procedures for enterprises affected by the consequences of the pandemic. The entrepreneurs noted that in times of crisis, insolvency proceedings can lead to the closure of companies and layoffs of staff, and also drew attention to the following problems: the absence of a minimum threshold from which creditors can demand the initiation of proceedings in the case of solvency; delay in the process of appraising assets pledged by the bank, non-compliance with the restructuring plan, etc. It is planned that after receiving proposals from the business community, the Economic Council will hold a series of technical meetings to discuss in detail each of the proposed measures and formulate specific proposals to close the gaps in legislation regulating insolvency procedures. Currently, the State Tax Service has registered about 3 thousand insolvency cases. //20.12.2021 — InfoMarket.
