* 'Chapter 11' insolvency plan on the table; CIPA wants to take over 'one-stop-shop' * The latest
The need to combat bureaucracy, simplify procedures and update the structures and practices in
Last Friday's presentation in
Perhaps, the economic crisis that followed the Eurogroup's damning decision last year and the subsequent collapse of the
One significant outburst from the CIPA chairman
"If we want this concept to work and to attract foreign investors, we should either create a new system or let it be taken over by another body. Perhaps, even by CIPA." As regards seeking protection from creditors, the CIPA chairman said that the current legislation is not suitable and does not provide proper remedies. For that reason, plans are underway to adopt the Irish model of dealing with insolvencies, which is similar to the U.S. Chapter 11 protection law.
"Once again, we don't need bureaucrats to deal with time consuming efforts. We have conducted our study and we have a ready-made proposal that will soon be submitted to parliament for approval," he said.
A significant decline was recorded on the "Starting a new business" and "Building Permits" indexes. New companies have to undergo a series of six procedures, requiring eight days. Once again, the problem arises from the absence of an effective 'one-stop-shop', officials said.
The CIPA President stressed that "some problems are not new. We need to change our mentality. We need to raise our pace and increase the speed with which we respond to new developments. Some decisions should be taken, no matter how difficult they may be."
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