STUDIES AND COMMENTS
Commercial law in Macedonia after 1990
Associate professor Endri PAPAJORGJI1
Associate professor Rezarta TAHIRAJ2
With the Declaration of Independence of 17.11.1991 and the entry in to force of the
Constitution on 20.11.1991, Macedonia wa s free to draft its own legislation. But the
difficult internal and external situation, the unofficial imposition of the Greek emb argo
since the end of 1991, and the UN embargo on Yugoslavia, which brough t losses of US $ 80
million a month to the new state, had a negative impact on the legislative process3. The
1990 (!) amended Yugoslav company law of 1988,4 which replaced the Organization of
Associated Labour as a basic economic subject with the "co mmercial companies" as a new
legal concept,5 organized the economic life in public companies and limited liability
companies. All Art.s that regulated the economic organizations in Yugoslavia were
abolished. This amendment was in force until 30.5.1996. In this sense, main objective of
this manuscript is the analysis of the commercial law reforms in Macedonia after the fall of
communism towards a free market economy and EU membership.
Keywords: commercial law, Macedonia, reform, free market economy.
JEL Classification: K22
Although the legislative changes in Yugoslavia in the late 1980s could no
longer trigger decisive modernization impulses, this phase of legislation was
necessary for the subsequent legal developments toward free market economy for
Macedonia. In 1996, the Macedonian Commercial Code (HGB), the "Law on
Commercial Companies"6 came into force. This law consisted of 728 Art.s and
contained quite extensive regulations. 7 It regulated:
the merchant concept,
transfer of trade names,
private and commercial companies,
1 Endri Papajorgji - Dean of the Faculty o f Law at Tirana Business University College, Tirana,
2 Rezarta Tahiraj - Chief of Department of Law at Aleksander Xhuvani University, Elbasan, Albania,
3 Schrameyer, K., Die Verfassung der Republik Makedonien vom 17 November 1991, JOR 2008, 413.
4 Art 6–14 of the law on amendments to the law on economic enterprises of 1990.
5 Borić, T., Eigentum und Privatisierung in Kroatien und Ungarn – Wandel des Eigentums-
rechtssystems und Entwicklung der Privatisierungsgesetzgebung, Wien, 1996, 99.
6 Zakon za trgovski društva (Gesetz über die Handelsgesellschaften) Sl V RM 1996/28.
7 Jashari, A., Subjektet e së drejtës afariste, Tetovo, 2009, 36.