Grounds for the long duration of bankruptcy procedures in the Republic of Macedonia

The bankruptcy proceeding represents a legal mechanism for mutual settlement of the debtor‟ creditors who is unable to carry out payment of the liabilities to creditors. Successful, effective and fast enforcement of the bankruptcy proceeding is a proof of the righteousness of the the judiciary within a country. Effective bankruptcy system is essential for the economy because it provides security to creditors, recovery of enterprises with financial difficulties and a quick return in use of blocked funds. By definition, the bankruptcy proceeding requires urgency, because the assets owned by the bankruptcy debtor lose its value on daily basis, thus it is necessary for the bankruptcy procedure to be effective and time-limited so the value of the dabtor‟ assets would be kept, providing the protection of the creditorrs‟ interests which are to be settled by the debtor' assets and employee‟s interestswho expect to return on working for the debtor. This Master Thesis explores the grounds for the long duration of bankruptcy proceedings, ie distribution of cases to bankruptcy trustees, the weaknesses of the legislation in Republic of Macedonia regulating this legal field and in terms of judicial proceedings conducted by the courts in Macedonia which affect the duration of the bankruptcy proceedings. In the conclusion of this paper are given proposals for what should be undertaken in future to shorten duration of the bankropcy procedure in Macedonia