Trustee in bankruptcy who sells the property of insolvent firm for over five million EUR will get at least 50 thousand EUR, that is 1% of the gross sales price. This is predicted by the new law on insolvency of economic societies. "With exception of the personal management in bankruptcy, the law has defined compensation for the trustee from every sale of property. In case the sales price if 500 EUR or less, the trustee will get compensation of 25EUR while in case the sales price is up to 5000 EUR the compensation will be 10% of the sales price", was announced by the president of the Commercial court Dragan Rakocevic at today#s press conference held in press club of Secretariat for information. Rakocevic said that the firm was insolvent in case the value of its debts was higher then value of property and that the Commercial Court was in that case initiating with bankruptcy proceeding on demand of creditors or the company itself. He explained that in bankruptcy the firm#s property could be sold through direct agreement and public announcements at prices lower then market ones and that the new regulations were motivating trustees in bankruptcy to conclude as successful sale as they could. The law also predicts that in case the creditors do not pay demands towards entrepreneurs amounting to more then 500 EUR, that is 2,5 thousands from bigger firms, 30 days after receiving them, they can ask from the Commercial Court to initiate bankruptcy procedure in them. "This law is to intensify the process collecting the payment and it will positively influence regulating of debtors-creditors relations in Montenegro. According to former regulations Clearing House was in charge of asking for the initiation of the bankruptcy proceeding and now it can be done by the firms, debtor or creditors", said president of Commercial Court Dragan Rakocevic. He said that according to data of the Clearing House there was approximately 1,2 thousand firms that were not for more then 60 days in continuation and that could be reason for putting the firm into receivership. "There are 29 big firms among those like for example Bokeljka, Tara and Javorak, which has been bankrupt for ten years now", said Rakocevic. According to him, apart from introducing bankruptcy in the insolvent firm, the new law also predicted the proceeding of reorganization as well as of personal management in bankruptcy. Rakocevic emphasized that the new thing in the law ws possibility firms to continue working during bankruptcy and they would also be allowed to credit production. Earlier regulations predicted the employment of all the employed to be interrupted when in bankruptcy and the new law enables for number of workers to remain in the firm. It is also allowed company to take credit loans on the account of its property and that way to continue functioning under the control of Commercial Court. He said that the bankruptcy could be introduced into the firm that was illiquid for more then 60 days or when the company estimated it could become insolvent adding that it did not have to mea liquidation of a firm. According to the new law, in case the property of a firm is sold, those who are first to get money are creditors whose demands were provided by deposit or mortgage, and then priority demands should be paid and at the end capital proprietors, that is stockholders and partners, would be paid. In the firms that have already go bankrupt the proceeding will be finished according to regulations from the old Law on bankruptcy and the decision is to be operational for a year after the new law has been put into effect.