CHANGES PROPOSED FOR AILING COMPANIES LIQUIDATION

Business | October 26, 2001, Friday // 00:00

Experts from the Economy Ministry proposed amendments to the Commercial Code, which would provide for rapid insolvency and liquidation procedures for ailing sate-owned companies. Only 25 companies, out of the 250, which have been under liquidation since 1998, were liquidated. The state can ease the companies’ liquidation by rescheduling their debts to the National Electricity Transmission Company (NETC, formerly National Electricity Company) and Bulgargas. The procedure can be applied to three groups of companies in similar financial state after a governmental decision. These will be companies to be declared insolvent, companies whose debts are to be rescheduled and companies, which are to be privatised.

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