The Importance and the Role of Bankruptcy in Companies-Enterprises

Abstract

In the implementation of the bankruptcy proceedings, bankruptcy trustees play a signifi cant role. The work
of bankruptcy trustees is refl ected through implementation of bankruptcy in accordance with the Law on Bankruptcy
Procedure and the Decisions of the Assembly of Creditors and Committee of Creditors. A Law on Bankruptcy Procedure
stipulates how and in what way bankruptcy is implemented, to whom the bankruptcy trustee shall report on its activities
and the implementation of bankruptcy. In order to implement well the bankruptcy proceedings, it is necessary to create
a number of preconditions so the respective bankruptcy proceedings could succeed. Most of these conditions can be
manifested in the following:
- That the bankruptcy trustee is an expert and that he knows debtor’s problems;
- That there are the basic conditions for normal implementation of bankruptcy proceedings.
These are just some of the issues that arise in the implementation of the bankruptcy proceedings.