The Government at a session has adopted a law envisaging old bankruptcy proceedings to be settled in less than a year. The law covers nearly 300 bankruptcy cases.

Speaking to reporters on Wednesday, Prime Minister Nikola Gruevski said that all bankruptcy procedures regulated with the laws enacted between 1989 and 2011 would be closed under the new law.

"Nearly 300 bankruptcy cases will be covered and they are supposed to be closed in less than a year in compliance with this special law. The goal is to put an end especially to those cases from 15-20 years ago," stated Gruevski.

It is a special and one-time law, he added, because laws previously adopted are valid for certain bankruptcy procedures that had happened years ago, not the current one which is drafted similarly to a Danish law.

"Now we are preparing a special and one-time law encompassing only those bankruptcy cases that will be settled less than a year. It will be one of the most modern laws," the PM stressed.

A law on out-of-court settlement as a means to offer a second chance before filing bankruptcy was also adopted by the Government.

Both laws will be debated in Parliament in due time.