Karanovic & Nikolic

Serbia: insolvency — will the new law resolve the problems in insolvency proceedings?

On 5 August 2014, the National Assembly of the Republic of Serbia enacted the Law on amendments and additions to the Insolvency Law. The new law came into force on 13 August 2014. It has been specified that insolvency proceedings that have not been completed on the day the new law comes into force will be completed in accordance with the previous rules.

The new law does not introduce fundamental changes. However, it does primarily correct defects and deficiencies that were identified in the previous law. It remains to be seen what effect the new regulations will have and whether or not the changes will resolve these problems in practice.

One of the most important changes the new law introduces is the position of entities connected to the insolvency debtor, as this is one of the most prevalent problems occurring in practice. Foremost, a fourth creditor class has been formed. The new class contains claims from entities connected to the insolvency debtor based on loans or similar transactions that arose two years prior to the commencement of insolvency proceedings…

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