The new regulations governing bankruptcy – the Law on Bankruptcy and the Law Amending the Law on Bankruptcy Supervision Agency, provide that the provisions of the law governing general administrative proceedings apply accordingly to the procedure of professional supervision.
In the procedure of professional supervision, the Agency may impose the following measures:
2) Public reprimand;
4) Licence revocation.
These measures are pronounced in the form of the decisions, which are final. The final decision is served, without delay, on all courts in charge of bankruptcy proceedings and the creditors’ committees in all bankruptcy cases involving the bankruptcy administrator against whom the disciplinary measure has been imposed.
Upon the receipt of the decision revoking the licence, the bankruptcy judge dismisses the bankruptcy administrator.
Upon the receipt of the decision imposing a reprimand, public reprimand or a fine, the bankruptcy judge may dismiss the bankruptcy administrator or impose other measure, including the obligation to obtain special consent of the bankruptcy judge or written consent of the creditors’ committee for all or specific actions that the bankruptcy administrator is to undertake, if he/she establishes that independent actions by the administrator could be detrimental to the bankruptcy estate.
Article 29(1) of the Bankruptcy Law prescribes that the bankruptcy administrators submit to the Agency the quarterly written reports on the course of bankruptcy proceedings and the state of the bankruptcy estate. Furthermore, Article 29(5) prescribes that the bankruptcy administrators are also required to submit final accounts to the Agency.