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Regulation by force of law on Bankruptcy Law during a State of Emergency

In the ‘Official Gazette of the Republic of North Macedonia’ no. 76/2020 from 24.03.2020 was published the Regulation by force of law on Bankruptcy Law during a State of Emergency

The Government of the Republic of North Macedonia has adopted a Decision on prohibition for companies to go into bankruptcy during the crisis of COVID-19 (coronavirus).

  • This Decision suspends the possibility of submitting a proposal for the initiation of a preliminary procedure for opening a bankruptcy procedure and opening a bankruptcy proceeding of the bankruptcy debtor for the duration of the state of emergency.
  • All initiated procedures, such as a preliminary procedure for opening a bankruptcy procedure and the opening of a bankruptcy proceeding against the bankruptcy debtor shall be postponed for the duration of the state of emergency.
  • Bankruptcy debtors who meet the requirements for opening a bankruptcy procedure or initiating a preliminary procedure shall not be subject to bankruptcy proceedings and to initiate preliminary procedures for the duration of the state of emergency.

This decision shall be applied for the duration of the State of Emergency and three months following the termination of the State of Emergency.

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