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The amendment to the Restructuring Law

On 9 April 2015 the Parliament passed a new act - Restructuring Law. Most of the provisions will come into force on 1 January 2016. The amendment is aimed primarily at introducing instruments for allowing to the restructuring of the debtor company and in this way prevent his liquidation.

The project involves primarily to separate the restructuring proceedings from the bankruptcy proceedings. Restructuring proceedings has been regulated in a separate act - Restructuring Law. The new act introduces four types of restructuring  proceedings: proceedings to approve agreement, accelerated composition proceedings, composition proceedings and restructuring proceeding.

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