Bankruptcy Law Changes

Serbia
UniCredit Bank Serbia JSC
Summary: 
Changes to the Serbian Bankruptcy Law have been adopted and published and will become effective as of 25 Dec 2017.
Fri, 22/12/2017

 

On 14 Dec 2017, the Serbian Parliament adopted certain amendments and supplement to the Bankruptcy Law, which were subsequentyl published in the Official Gazette of Republic of Serbia on 17 Dec 2017. These aim at contributing to:

  • accomplishment of better creditor satisfaction
  • lower cost of bankruptcy proceedings
  • shorter time of bankruptcy proceedings

The changes focus on improvement of the legal status of secured creditors within the proceedings related to reorganisation and bankruptcy, additional specification of bankruptcy proceeding rules and their expediting, which is expected to lead to shorter time frames required for bankruptcy proceeding to be executed.

The new provisions will enter into force on 25 Dec 2017.

 

Impact on investors: The amended and supplemented Serbian Bankruptcy Law provides for a higher level of accomplishment of creditor satisfaction, reduced proceedings costs and shorter bankruptcy proceeding times.