Revisions for Bankruptcy Laws

The Ministry of Justice(MOJ) announced on January 18 that it plans to revise laws to hasten liquidation proceedings for bankrupt companies.
According to the proposed revisions, if a company requests legal management under the court's auspices and satisfies specific conditions, it can be declared a bankrupt enterprise within a month.
Additionally, a decision to dispose of a bankrupt company's assets should gain the support of three-fourths of its creditors instead of the four-fifths required now.
Typically, if a company surrenders its management rights, the court has spent more than six months to decide the fate of the company. However, MOJ plans to punish company-owners who request irrational court protection.
MOJ plans to bring a bill for the revisions to the National Assembly sometime in April.