Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Bankruptcy Law Passed

CHISINAU, Moldova () -- Moldova's parliament has adopted a new law on bankruptcy in line with recommendations by the International Monetary Fund and the World Bank.

The law defines bankruptcy and enables prosecutors to begin lawsuits if debtors have arrears of one month to the treasury or do not pay their creditors for three months.

The IMF, which is close to agreeing to a three-year Extended Financing Facility with Chisinau, had recommended that Moldova adopt such a law.