AmCham hosts a Workshop on Kosovo Insolvency Reforms and Legislation

Prishtina, March 6, 2024 – The American Chamber of Commerce in Kosovo, in partnership with the International Finance Corporation (IFC), hosted a workshop focusing on Kosovo’s Insolvency Reforms and Legislation. The aim of the workshop was to delve into the advantages presented by the new draft law on bankruptcy, bringing together businesses, investors, banks, and various stakeholders. Moderating the workshop was Syzana Dautaj, the Project Coordinator for the IFC Program for Debt Resolution. The event commenced with opening remarks from Arian Zeka, the Executive Director of AmCham, and Visar Perani, the IFC Country Officer for Kosovo and North Macedonia.

The panel of speakers featured Mahir Tutuli, President of the Commercial Court of Kosovo, Partin Pruthi, Chairman of the Legal Committee at the Kosovo Banking Association and Njomeza Zejnullahu, Consultant for the Debt Resolution Program at IFC.

Mahir Tutuli, the President of the Kosovo Commercial Court, offered further clarification on the existing bankruptcy framework in Kosovo, expressing the challenges lawyers faced in comprehending the previous law, which was under consideration for removal. The new bankruptcy law aims to overcome the obstacles encountered before. Tutuli pointed out that bankruptcy procedures were hindered in courts due to a lack of legal knowledge or failure to meet criteria, while arguing that Kosovo’s bankruptcy law stands out as one of the best in Europe.

Partin Pruthi, Chairman of the Legal Committee, Kosovo Banking Association, echoed concerns about the deficiencies in the previous bankruptcy law, noting that none of the bankruptcy cases involving banks had been resolved. He emphasized the significance of bankruptcy protection from a business standpoint.

Njomeza Zejnullahu, from the IFC, provided insights into the key aspects of the new draft law on bankruptcy and introduced the Bankruptcy Manual for Businesses. She delved into the historical context and evolution of the bankruptcy law in Kosovo, emphasizing its purpose. Zejnullahuhighlighted the absence of a legal framework for public enterprises, identified as a concern by the IFC. She underscored the comprehensive coverage of the current law, in contrast to its predecessor with several shortcomings. Additionally, Zejnullahu outlined the two fundamental procedures under the Bankruptcy Law: reorganization and liquidation.

Throughout the workshop, participants demonstrated a keen interest, evident through their numerous questions and responses. Addressing the need for further details on the new bankruptcy law was crucial, and the American Chamber expressed gratitude to the IFC for their collaboration in organizing this insightful event.