Legal and Practical Aspects of Bankruptcy Proceedings in Albania and Their Role in the Protection of Stakeholders

  • Blerta Aliu

Abstract

Bankruptcy represents an effort to find the correct ratio between the need to protect economic assets left over from a subject in crisis and need to take care and realize greater extent the rights of creditors. Bankruptcy in Albania, for the first time was adjusted in the Commercial Code of Zogu, " Book six – Bankruptcy". Today in the Republic of Albania the law in 2002 "On bankruptcy" amended by law in 2008. This law is largely a continuation of adjustments made in 1995. This paper will address the news that the new law brings, regarding the procedures to be followed and the conditions to be met for a person debtor, can be downloaded from the remaining obligations. Regulated recognition of a foreign bankruptcy procedure and the opening of a secondary procedure, as well as collaboration between the higher of the two bankruptcy proceedings. Also, according to recent changes have envisaged by the law, Bankruptcy Supervision Agency" which is a public legal entity. We will treat the compatibility of our legislation with EU Regulation of 2000. The methodology used in the paper is the analysis of legislation and practical decisions. The conclusions show a positive tendency of legal norms to protect creditors, but the level of jurisdiction decisions and practice seems more embryonic. Relevance of this topic is related to social, legal but also economic aspects.
Published
Dec 30, 2014
How to Cite
ALIU, Blerta. Legal and Practical Aspects of Bankruptcy Proceedings in Albania and Their Role in the Protection of Stakeholders. European Journal of Social Science Education and Research, [S.l.], v. 1, n. 2, p. 229-234, dec. 2014. ISSN 2312-8429. Available at: <http://journals.euser.org/index.php/ejser/article/view/714>. Date accessed: 22 july 2019. doi: http://dx.doi.org/10.26417/ejser.v2i1.p229-234.