The promissory note is the new instrument to be introduced September 1 by the state, through which private companies can collect claims in debtor-creditor relationships, said Friday Vice Premier and Finance Minister Zoran Stavreski.

He stressed that the law passed at the last Government session aimed at meeting requirements by businessmen for introduction of a new, efficient instrument for collection of claims, contributing to the reduction of matured unpaid liabilities, improving of economy's liquidity, and enhancement of the country's economic operations.

"This is a project that was in the works for quite a while, involving all parties concerned - the business and academic communities, banks, Central Register, ministries. Debates and consultations were required in order to overcome possible challenges and problems, as well as design a functional, safe and simple instrument for collection of claims", said Stavreski.

According to him, the promissory note is a document by which the debtor-trading company gives consent for forced payment of its liabilities to a certain creditor from all of its accounts. If funds cannot be collected, the promissory note can be paid from other property.

The promissory note will not be used as instrument for collection of the private sector from the state.

"The instrument refers to debtor-creditor relationships among firms, where the degree of information on the existence of data over the debtor is not at such level as one of the state", said FinMin Stavreski, adding the state has regularly paid its liabilities to companies.

The process of issuing a promissory note is completely automated, carried out through the Central Register's system.

The issuing of a promissory note without any cover is qualified as a crime punishable by imprisonment of up to three years.