The main purpose of the Law is to facilitate the procedures for the termination of business activities of individual entrepreneurs and reduce the term for such termination to 1 day.
According to the proposed amendments, termination of an individual entrepreneur’s business activities will be registered immediately upon receipt of the entrepreneur’s appropriate expression of will (in the form of a registration card), without the right of regulatory bodies to block such registration. It should be noted that bankruptcy procedure applies to debts that have arisen in connection with the entrepreneur’s business activities, even if the person has lost its entrepreneur status.
On July 7, 2014 come in force. | 
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