By Gmb Publishing, George Curmi
This can be the 1st authoritative advisor to the customers for company and funding in Albania. It exhibits how this small eu country is starting up for enterprise having lately reinforced its ties with the european via a Stabilization and organization contract. Macroeconomic functionality has greater sharply lately, because of rules lower than IMF-backed programmes, prompting new curiosity from the foreign company group.
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Extra info for Albania's Business Environment
As with minority shareholders, creditors are entitled to request from the shareholders’ meeting or the court special investigations or abrogation of certain management decisions. Creditors also benefit from Article 131 of the law which prohibits a shareholder from requesting repayment of a loan it has granted to the company in terms more favourable than those of the market in times when the company is insolvent and such action would reduce its own capital below the minimum legal capital. Insolvency law, on the other hand, provides creditors with the right to be involved in the decision-making process in the context of insolvency proceedings through the Creditors’ Committee that is created for that purpose, so that they can resolve whether the debtor company should be given an opportunity to survive bankruptcy through reorganization and good administration.
The latter element is crucial to the interpretation of what is an agent, as rules governing agency relations tend to be more onerous. It is not expressly provided that such agreements, ie. agency agreements between the agent and principal, should be concluded in writing. However, it does seem to be implied as it is specified that each party is entitled to a copy of the agreement signed by the other party. Exclusivity According to the Civil Code, the principal may not employ or engage more than two agents at the same time in the same area and in the same line of business; nor can the agent undertake to transact in the same area and in the same line of business on behalf of more than one enterprise in competition with another.
Moreover, the country has also been praised in the “getting credit” category, ranked 12th globally, which is a key consideration in assessing 16 Background to the Market risk and allocating credit more efficiently. In the “paying taxes” category, which determines the efficiency of the tax system and takes into consideration how business taxes are spent, despite reassuring commitments, Albania still lags behind other countries in the region. Overall, though, this report clearly reveals a positive change in the Albanian business climate and is a reassuring signal that the country is gradually laying the key foundations for the development of a sound economy.