IFC prepares a study package on Bankruptcy

The International Finance Corporation (IFC), part of the World Bank Group, under the Debt Resolution and Business Exit Project, Phase II, is working to improve the bankruptcy system and practice in Albania. The project began in 2012 with an all-encompassing aim to mitigate the sustained negative effects of the global financial crisis in the Western Balkans region by making debt resolution systems of countries more efficient. This will lead to a stronger path for preventing and/or resolving bad loans and create conditions to protect economically sustainable companies. The project focuses on these three specific objectives:

a) Improvement and development of legal and regulatory frameworks; b) Building capacity of key actors in the bankruptcy process; and c) Increasing awareness and encouraging the use of the bankruptcy mechanism.

As part of the awareness campaign in Albania, a package of promotional materials was prepared with the support of local and international experts, specifically, the Summary of Bankruptcy Court Issues Study, Guide on Accelerated Reorganization Procedures, Guide for the Debtor, Guide for the Creditor, and Introduction to the Albanian Bankruptcy System. The informational package mainly contains a summary of bankruptcy case studies; procedures for accelerated restructuring; examination of solutions for bankruptcy situations from the debtor or creditor’s perspective; and provides the opportunity to familiarize oneself with the bankruptcy procedure from its beginning to the final phase, in implementation of the new Law no. 110/2016 “On Bankruptcy” in Albania.

Continuing our fruitful institutional cooperation, the IFC team for the Debt Resolution and Business Exit Project aims to further expand knowledge on the impact of bankruptcy in Albania. As per your request, we would like to offer you and your members:

The electronic version of the Analysis of the Social Consequences of the Bankruptcy Law The electronic version of the Summary of Bankruptcy Court Issues Study The electronic version of the Guide on Accelerated Reorganization Procedures The electronic version of the Guide for the Debtor The electronic version of the Guide for the Creditor The electronic version of the Introduction to the Albanian Bankruptcy System.