The Deputy Minister of Justice, Arben Isaraj, declared that the
government is preparing a new bankruptcy law with the World Bank, which
focuses on reorganizing businesses rather than liquidating them.
“It doesn’t matter who goes bankrupt. The important thing is that when a business is facing difficulties, the government will allow them to continue their life in the market and even return”, Isaraj explained.
But to prevent abuses, since businesses might declare bankruptcy intentionally by hiding the revenues, the law foresees a stronger inspection measure.
“This means the inclusion of the prosecutor in the financial rehabilitation supervision or bankruptcy, regarding their concerns for frauds”, Isaraj declared.
According to the Deputy Prime Minister, the draft foresees for the first time to treat individuals with debts and financial difficulties.
“This is a social help for finding the sources o the revenues and for improving the expense management. The government must find sot loans or lower leases for these companies”.
Isaraj added that this is what the government can offer for the people in difficulty, since that would have negative effects.
“Certainly that the legislations are divided and most of the legislations don’t use the model that discharges loans for houses. This is the spirit of our law”, Isaraj declared.
The new draft for bankruptcy is part of the 3-year agreement Albania has with the World Bank and it has been drafted by the private branch of this bank, the Financial Corporate.
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