Changing the status of the bankruptcy manager ( trustee ) in the contex of insolventcy law amandment

Nowadays when the market economy is developing and new companies or corporations are created almost daily, entrepreneurial subjects are formed, the importance and the role of bankruptcy law increases. The meaning of bankruptcy and insolvency law is increasing, not only in Georgia, but in the whole legal area too. It is one of the most important legal system and precondition for development of country’s economic.
On 25th June 1996, the Parliament of Georgia adopted the Law on Bankruptcy Affairs, which entered into force on January 1, 1997. Ten years later, in 2007, Bankruptcy Law replaced the Law of Georgia on Insolvency Case, which included a number of amendments that included changes to the content of Insolvency.
This paper includes one of the most important issues among the problems that resulted from the changes in the law, the change of the functions of the manager of the bankruptcy proceedings, ( on another name,manager of bankruptcy proceedings is referred to “Trustee” ) which, at one time,was one of the important figures of the bankruptcy process but now this is just simply formal ruler. It discusses the problem which is caused by changing of managerial status of the bankruptcy case under the terms of the Law of Insolvency. The latest legislation is composed to foreign countries. There is reviewed a problematic issues and recommendations to solve the problems.