Contract Law Enforcement (CLE) Program

Contract Law Enforcement (CLE) Program News

CLE initiates drafting of a new Law on Insolvency

CLE initiates drafting of a new Law on InsolvencyPhoto by: The USAID Contract Law Enforcement (CLE) Program

Pristina, 17 March 2014- The USAID Contract Law Enforcement (CLE) Program in support of the Ministry of Trade and Industry (MTI) organized a prior consultation on the new concept for Law on Insolvency. During this meeting, participants discussed problems and gaps on the current Law (Law No. 2003/4 on Liquidation and Reorganization of Legal Persons in Bankruptcy) and the concept of a new draft-law. This discussion was attended by representatives of from the Prime Minister’s Office, Ministry of Trade and Industry, Ministry of European Integration, Ministry of Communities and Return, Ministry of Finance, Ministry of Justice, representatives of Kosovo Chamber of Commerce, American Chamber of Commerce in Kosovo, the Kosovo Banking Association, Society of Certified Accountants and Auditors; attorneys-at law, and a former court president of the former commercial court and former judge of the Court of Appeals.

The USAID Contract Law Enforcement (CLE) Program works to enhance the foundations of contract law in order to improve the environment for doing business and investment. The USAID Contract Law Enforcement (CLE) Program is supporting the Ministry of Trade and Industry (MTI) in drafting a new Law on Insolvency.

The new law, which will be drafted by the working group will tackle many issues which have remained outside the scope of the current law and will provide a full inclusion for all the relevant business organizations (including individual businesses), which are currently out of the scope of the current law. The new law will be in full accordance with the recommendations of the World Bank and the International Finance Corporation; in line with the European best practices, the requirements of aquis communitare and will include necessary provisions arising from the European Union Regulation on cross-border insolvency. The preliminary discussion of the new concept for Law on Insolvency was an open discussion with interested stakeholders, while the recommendations coming out of the roundtable will be taken into consideration by the working group in order to create an inclusive, modern law, which will significantly improve the business environment and create greater legal certainty for domestic and foreign investments.

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