@article{Danilova_2021, title={POINTING OUT THE NEED FOR TIMELY SUBMISSION OF THE PROPOSAL FOR OPENING THE BANKRUPTCY PROCEDURE}, volume={1}, url={https://js.ugd.edu.mk/index.php/scgw/article/view/4687}, DOI={10.46763/SCGW21064d}, abstractNote={<p>Abstract<br>In this paper, special attention will be paid to the importance of timely initiation of<br>bankruptcy proceedings, ie the need for an efficient bankruptcy system which is a necessary<br>part of the market economy of each country, as it provides security to creditors, recovery of<br>companies with financial difficulties. The paper will explain the reasons that affect the delay<br>and inefficiency of the bankruptcy procedure. On the other hand, the paper will explain the<br>benefits of timely and efficient implementation of the bankruptcy procedure, whose main<br>purpose is to satisfy the interests of all those who participate in it. Therefore, I will cover the<br>special role of the Bankruptcy Trustee, which is especially evident after the legal consequences<br>of the opening of the Bankruptcy procedure, where it protects the interests of the creditors and<br>the bankruptcy debtor. Here, I will especially cover his special role as an authorized proposer<br>in relation to filing a lawsuit for damages, ie damage suffered by creditors due to irresponsible<br>behavior of the bankruptcy debtor, ie failure to file a proposal to open bankruptcy proceedings,<br>which led to reduction of the bankruptcy estate from which the creditors are settled. The subject<br>of research is the timely initiation and completion of the bankruptcy procedure in our law, as<br>a procedure conducted by the Bankruptcy Trustee who is a professional in it. Meanwhile, the<br>purpose of the research is to identify the disadvantages and advantages regarding the legal<br>order of the bankruptcy procedure in terms of the responsibility of the management bodies for<br>not submitting the proposal for opening the bankruptcy procedure.</p>}, number={8}, journal={Proceedings of the International Scientific Conference "Social Changes in the Global World&quot;}, author={Danilova, Verica}, year={2021}, month={Dec.}, pages={64-78} }