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…
Click on the link below to read the rest of the Karanovic & Nikolic briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Karanovic & Nikolic
News from The Lawyer
Briefings from Karanovic & Nikolic
Converting right of use into ownership rights over construction land, for a fee.
Focus on leading market players – brush up on your compliance procedures.
Analysis from The Lawyer
‘Exotic’ investors and opportunities for legal work beyond M&A feature in The Lawyer’s high-level roundtable debate on south-east Europe
Croatia is about to enter the EU, but the path to integration may not be smooth for the Balkan states