Albanian parliament adopts bankruptcy law

The Albanian parliament approved Thursday night a new law on bankruptcy aimed at reducing the level of non-performing loans.

The law was approved with only the votes of the majority lawmakers because the opposition MPs left the plenary session before voting process began as they were against it, local media reported.

The new bankruptcy law aims to provide solutions to problems emerging during the bankruptcy process which has resulted in a difficult and complicated process.

Moreover, the new legislative initiative came as part of a project to reduce the level of non-performing loans.

The new bill also envisages the functioning of the bankruptcy court and the bankruptcy surveillance agency and provides for bankruptcy sanctions for companies or individuals that make false declarations. Endit