“The bill as a whole is aimed at simplifying the conditions for the use of rehabilitation and bankruptcy procedures by business entities. The terms of the procedure are reduced by transferring a number of powers of the creditors meeting to a more mobile creditors committee. A simplified liquidation of long-term inactive debtors is proposed without initiating bankruptcy proceedings," - the Majilis said on Wednesday.
The amendments provide changes in the grounds for the use of rehabilitation and bankruptcy procedures by business entities.
Photo source: picture from the open source