Law on Bankrutpcy Procedure: What is new?

The Ministry of Economy started a public discussion on amendments to the Law on Bankruptcy Procedure today, which will last until October 30.

The amendments have been proposed with the aim of improving the business environment and making it safe for doing business, the ministry reported.

The new solutions seek to overcome the problems in the implementation of the existing law, improve the position of creditors and protect the interests and the position of companies in bankruptcy.

The goal is to make the bankruptcy procedure a means for the company to overcome difficulties, repay its creditors and stand on its own feet again and, in cases where this is not possible, to repay the creditors and sell the remaining property to someone who can put it to use.

The amendments ensure active participation of creditors in the procedures pertaining to their receivables.

Also improved is the property sale procedure.

The Ministry of Economy invites representatives of all state authorities, courts, public services, trustees in bankruptcy, business entities and their associations, experts, the non-governmental sector and other interested parties to take part in the public discussion.

The draft law and other info can be found at http://www.privreda.gov.rs/javna-rasprava-o-nacrtu-zakona-o-izmenama-i-dopunama-zakona-o-stecaju/.

Notes, suggestions and complaints can be sent to the Ministry of Economy, at 20 Kneza Milosa Street, or by sending an email to [email protected], the report states.

(eKapija, 10.10.2016)

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