Moldovan lawmakers make amendments to Law on insolvency

Chisinau, 26 December /MOLDPRES/ - The parliament has approved amendments to the Law on insolvency. The document was voted by 55 MPs in the second reading.

The document contains solutions for the legislative void found out in the rulings of the Constitutional Court and recommendations of the Court of Accounts.   

Respectively, the maximal term of adoption of the decision on the instituting of the process of insolvency by a law court was shortened from 20 working days to 5 working days. This will be possible, if in the introductory application, the debtor says that it is in insolvency state.  

Another provision of the document regards the switch of the debts related to the compulsory state social insurances contributions to the same place with the salary debts of employees.  

The draft law also contains proposals which regard the preliminary formal notification of the debtor by the creditor, management of the procedures of insolvency of the state or municipal enterprises and of the commercial companies with full or majority public capital, establishing of the quantum of the fixed fee of the authorized administrators, etc.    

Also, decision-makers introduced in the document a ceiling of ten average salaries on the economy, from which the insolvency procedure can be initiated. At the same time, the debtor will have right to submit the introductory application, no matter the value of the debts.   

According to data by the Public Property Agency, presently, there are 49 enterprises in insolvency procedure and 14 in liquidation procedure.