The Ministry of Economy drafted a bill with amendments a number of legal acts, including the Civil Code and the Law on Joint Stock Companies, by which to the period of time needed to voluntarily liquidate the business is shortened, IPN reports.

Five days are now needed to register a company and not less than 12 months to voluntarily liquidate a company.

The proposed changes refer to all the stages of the liquidation process. Thus, the legal entity that is being liquidated will have to publish the announcement about the liquidation in the Official Gazette one time, not two times as provided now.

The term during which the creditors put in claims may be reduced from six months o two months from the publication of the announcement about the voluntary liquidation. The term for distributing the assets of the dissolved legal entity can be six months from the publication of the announcement, not 12 months as now, or one month instead of two of the publication of the liquidation balance.

The bill is to be discussed with representatives of the entrepreneurial sector. Afterward, it will be submitted to the Government and Parliament for consideration.