The bill (Reg. No. 7329) amends the laws "On the Enforcement Proceedings" and "On the Restoration of Debtor´s Solvency or Recognition of Debtor's Bankruptcy" to enhance the bankruptcy proceedings, fix the terms for appealing against the court decisions, set the terms for instituting the proceedings on the debtor´s property administration, shorten the duration of the bankruptcy proceedings, and cut down the expenses for the bankruptcy proceedings.
To notify the persons concerned about the institution of enforcement proceedings on a bankruptcy case, the bill states that the notification of the enforcement proceedings on bankruptcy shall be posted on the official web portal of the state body on bankruptcy, in addition to the official printed media.
The bill fixes the terms of appealing against the court resolutions on the satisfaction or denial of the creditors´ demands, when all the writs of error shall be submitted to court. Appeal against the resolution of the court of primary jurisdiction shall not terminate the enforcement proceedings on the case of bankruptcy.
Under the bill, transition from the procedure of the property administration to reorganization shall be effected only upon availability of the reorganization plan. Otherwise, the liquidation procedure shall be launched. The period of reorganization shall not exceed 18 months.
The bill amends the Law "On the Enforcement Proceedings." If the economic court institutes the case on bankruptcy proceedings, the enforcement proceedings shall be terminated.