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.