Business News

Parliament Confirms Measures to Help Business

Ljubljana, 26 September (STA) - The National Assembly passed changes to three laws Thursday designed to create a better environment for business and help banks.

The changes to the companies act narrow a set of rules put in place in November 2011 which barred members of the managers and supervisors of companies in insolvency procedures from incorporating new companies or serving on other management or supervisory boards.

In line with a December 2011 ruling by the Constitutional Court, the legislation reduces the scope of cases in which the authorities can limit the incorporation of a company or a sole proprietorship.

The period for which an individual sentenced to jail time for certain business-related crimes is barred from incorporating a new company has been reduced from 10 to 5 years.

Changes to the act on the supportive environment for entrepreneurship meanwhile extend eligibility for innovation and entrepreneurship incentives from companies and sole proprietors to cooperatives, institutes and individuals.

The move has been welcomed as a sign that the authorities are willing to help cooperatives, which have seen a resurgence of sorts lately as workers in several bankrupt companies have formed cooperatives to revive production but have struggled to secure financing.

The MPs also confirmed changes to the financial collateral act which are intended to simplify debt recovery by introducing foreclosure based on a notarial record at the request of the creditor.

The legislation will help banks as well as the Bank Asset Management Company to more easily sell real estate that they seized as collateral for soured loans.

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