Karanovic & Nikolic

Serbia: new privatisation law extends enforcement ban over companies under restructuring

On 5 August 2014, the National Assembly of the Republic of Serbia enacted a new privatisation law, which came into force on 13 August 2014.

The new law prescribes for the privatisation process to be completed before 31 December 2015. The four models of privatisation that have been prescribed include sale of capital, sale of assets, transfer of capital without compensation and strategic partnership. It also allows for the possibility to combine these models. The new law additionally introduces the possibility to initiate insolvency proceedings over the subjects of privatisation where no potential buyers have expressed interest, thus finally resolving their fate.

Of particular interest are the rules that concern the creditors of companies under restructuring. This is especially so considering the decision of the constitutional court that declared the provision from the previous privatisation law that protected companies in restructuring from enforcement as unconstitutional…

Click on the link below to read the rest of the Karanovic & Nikolic briefing.

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