POINTING OUT THE NEED FOR TIMELY SUBMISSION OF THE PROPOSAL FOR OPENING THE BANKRUPTCY PROCEDURE

Abstract

Abstract
In this paper, special attention will be paid to the importance of timely initiation of
bankruptcy proceedings, ie the need for an efficient bankruptcy system which is a necessary
part of the market economy of each country, as it provides security to creditors, recovery of
companies with financial difficulties. The paper will explain the reasons that affect the delay
and inefficiency of the bankruptcy procedure. On the other hand, the paper will explain the
benefits of timely and efficient implementation of the bankruptcy procedure, whose main
purpose is to satisfy the interests of all those who participate in it. Therefore, I will cover the
special role of the Bankruptcy Trustee, which is especially evident after the legal consequences
of the opening of the Bankruptcy procedure, where it protects the interests of the creditors and
the bankruptcy debtor. Here, I will especially cover his special role as an authorized proposer
in relation to filing a lawsuit for damages, ie damage suffered by creditors due to irresponsible
behavior of the bankruptcy debtor, ie failure to file a proposal to open bankruptcy proceedings,
which led to reduction of the bankruptcy estate from which the creditors are settled. The subject
of research is the timely initiation and completion of the bankruptcy procedure in our law, as
a procedure conducted by the Bankruptcy Trustee who is a professional in it. Meanwhile, the
purpose of the research is to identify the disadvantages and advantages regarding the legal
order of the bankruptcy procedure in terms of the responsibility of the management bodies for
not submitting the proposal for opening the bankruptcy procedure.