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Enforcement of individual insolvency law, deferred again, from August 1, 2017 to January 1, 2018

The Government decided on Thursday, through an Ordinance, to postpone for five months the enforcement of the Law on the Insolvency Procedure for Individuals, so as to rigorously prepare its enforcement mechanism.

According to a press release of the Executive, the enforcement of the Law on Individuals’ Insolvency will have a new prorogation term, the deadline for its coming into force being extended by five months, from August 1, 2017 to January 1, 2018, according to the Ordinance.

“The decision was made by the Executive due to the complexity of the field regulated by this law, as well as the opinion of the Superior Council of Magistracy which signals the need for the rigorous preparation of the administrative capacity of the courts called to apply the insolvency procedures to individuals,” the quoted source informs.

The individual insolvency law was adopted in Parliament on May 20, 2015. The enforcement of this law had already been postponed by one year, ie until December 2016, and subsequently, by another seven months, for August 1,2017.

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