Newsletter 2017, Issue 03/17

To keep you up-to-date with the latest economic and financial developments, this bulletin prepared by our team provides information that may affect the operation of your business in Albania.

A GUIDE ON THE NEW LAW ON BANKRUPTCY – CREDITORS PERSPECTIVE

On 27.10.2016 the Parliament of the Republic of Albania approved law no. 110/2016, "On Bankruptcy" (the "Law"), which is published in the Official Gazette no. 226, dated 22.11.2016. The Law entered into force on 22.05.2017 and is applicable to procedures initiated after its entry into force.

The bankruptcy procedure is intended to satisfy collectively the debtor's obligations either through the reorganization or liquidation of the debtor's assets and distribution of proceeds.