Cabinet approves draft law on personal bankruptcy

The Council of Ministers approved a draft law on bankruptcy of individuals or a law on personal bankruptcy, caretaker Justice Minister Krum Zarkov said at a briefing on November 2.

The law proposes a legal framework on personal bankruptcy to fill the gap and regulate proceedings in line with public expectations, the requirements of EU acts and the specificities of the national legal system. There is no developed country that does not have a personal bankruptcy law, Zarkov stressed.

Only good faith debtors will be able to request the termination of pre-trial proceedings initiated against them.