WB DR Phase II

completed

The Phase II of the Project is to continue in the original countries of operations, i.e. Albania and Serbia, and to be expanded to the neighboring jurisdictions of Macedonia and Kosovo. Phase II shall build on the achievements of Phase I and use the experience and knowledge acquired, as well as established relationships with local governments and stakeholders. In order to achieve the set objectives, the Project identified shortcomings reflecting the market needs in each country and designed targeted technical assistance to improve the legal framework ; develop and improve the regulatory framework; raise the capacity of key players in the insolvency process ; and promote the use of insolvency mechanism. The special focus for all Project's components is speedy debt or business restructuring of viable businesses through out of court workout and/or expedited insolvency procedure (pre-pack) in order to preserve the business as a going concern; developing a simplified procedure or terms for insolvency liquidation and restructuring of SMEs; and developing a framework for the insolvency of individual entrepreneurs.