Preliminary communication
Phases in the reorganization of the insolvency debtor in Macedonian law
Dance Manoleva-Mitrovska
; Iustinianus Primus Faculty of law, Ss. Cyril and Methodius University, Skopje, Macedonia
Abstract
Macedonian bankruptcy law provides for new opportunities and dimensions in the implementation of the legal institute of bankruptcy in accordance with the spirit and time of contemporary business entities.
The basic concepts and context of our positive norms are taken from the first Bankruptcy Act from 1997, which was for the most part in compliance with European legislation, including directives governing insolvency and bankruptcy proceedings.
More specifically, reorganization, a very important new provision in Macedonian bankruptcy law, was first introduced in the Bankruptcy Act 1997 and Bankruptcy Act 2006. The introduction of this legal institute, otherwise very well known in other jurisdictions, was a successful reform of the national legislation and alignment with European legislation, especially with Council regulation (EC) No. 1346/2000 on insolvency proceedings, which follows the trend of helping the insolvent debtor. Acceptance and implementation of a reorganization plan are aimed at helping the insolvent debtor become consolidated in financial terms and to continue doing business, while at the same time facilitating the settling of creditors’ claims in a higher proportion.
Successful reorganization of the debtor means creating the legal assumptions by using the will of the creditors to be chosen, which facilitates the realization in practice of the most acceptable type of economic recovery of the debtor. This precondition is laid down in the provisions of the Bankruptcy Act and its implementation in practice will realize the pragmatic dimension of reorganization as a new legal instrument of our bankruptcy law.
The provisions regulating reorganization in bankruptcy are in accordance with the primary aims of the Bankruptcy Act: market stability, promotion of economic stability and development, shorter bankruptcy procedures, improvement of the mechanisms for the exercise of creditor’s rights, regulating the relations of the insolvency debtor and the possibility of reorganization for companies. In addition, the European Convention on Certain International Aspects of Bankruptcy (Treaty no. 136 of the Council of Europe) contains provisions pertaining to persons who exercise activities outside the national territory. In view of this fact, it is necessary to guarantee minimum legal co-operation and regulate particular aspects for the administrator and the bankruptcy manager to act outside the national territory, the possibility for creditors to settle their claims in a foreign bankruptcy procedure. The Republic of Macedonia is undertaking important steps to fully harmonize its national legislation with the European.
Keywords
bankruptcy; reorganization; bankruptcy debtor
Hrčak ID:
67146
URI
Publication date:
20.3.2011.
Visits: 4.627 *