Insolvency - Bankruptcy

 

What is the basic legal framework for the bankruptcy in Albania?

Albanian Bankruptcy Law no.8901 dated 23 May 2002, as amended (Bankruptcy Law) is the main law ruling the insolvency/bankruptcy in Albania. This law aims to establish non-discriminatory and mandatory rules for the repayment of obligations by debtors in a bankruptcy procedure and to ensure an adequate, reliable and effective mechanism for the reorganization or liquidation of a company that is facing financial difficulties. The Bankruptcy Law directly intervenes not only in the procedural rights of creditors towards an insolvent debtor, but also in the material contractual and property rights of the persons who have legal relations with the insolvent debtor before the bankruptcy procedure starts and/or after it has started. This is not the only law that contains the provisions which are enforceable with regard to bankruptcy. This Bankruptcy Law could be enforced in taking into account other related legal provisions, which are widely applied and provided for especially in the Civil Code, Code of Civil Procedure, law “On the Securing Charges”, law “On Commercial Companies”, and in other relevant specific laws. The existing Bankruptcy Law has been in effect since October 1, 2002 and it repealed the previous law “On the Bankruptcy Procedures” No. 8017 dated 25.10.1995.

Tuesday, 23 April 2013 15:37
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GREEK LAW DIGEST REPUBLIC OF ALBANIA MINISTRY OF INTEGRATION Union of Chambers of Commerce and Industry of Albania
Nomiki Bibliothiki ALBANIA INVESTMENT DEVELOPMENT AGENCY Foreign Investors Association of Albania
     

 

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