The Petition for Initiating Bankruptcy Proceedings

The Law on Bankruptcy (“Off. Herald of the Republic of Serbia”, Nos. 104/2009, 99/2011 – other law, 71/2012 – Decision of the Constitutional Court, 83/2014, 113/2017, 44/2018 and 95/2018) shall govern the manner and conditions of initiating and conducting bankruptcy proceedings against legal entities.

Bankruptcy proceedings, within the meaning of the Law on Bankruptcy, shall be [compulsory] liquidation and reorganisation.

Liquidation shall mean creditor satisfaction out of the value of entire assets of the bankruptcy debtor, or the sale of the debtor as a legal entity.

Reorganisation shall mean creditor satisfaction accomplished under the adopted plan of reorganisation by redefining relations between the debtor and the creditor or the debtor’s legal status, or in another manner provided for in the plan. Continue reading The Petition for Initiating Bankruptcy Proceedings

Expulsion of a Company member

In accordance with the provisions of Companies Act company member can be expelled by resolution of the general meeting or by a court decision.

Expulsion of a Member by Resolution of the General Meeting

Persons who have, under the memorandum of association or otherwise, taken on the responsibility of paying, or entering a certain contribution to the company, are liable to the company for fulfillment of that obligation and are obliged to compensate damage caused to the company by failing or being late to carry out that duty. The memorandum of association, i.e. the articles of association in case of a joint stock company, may stipulate an obligation to pay liquidated damages for untimely performance, or failure to perform the obligation of entering a certain contribution to the company.

If the company member omits to perform his obligation, even in the additional term, the company may pass a decision to expel such member from the company,i.e. in case of a joint stock company, a decision to withdraw and annul without compensation the shares of that shareholder which have not been paid, i.e. for which no in kind contribution has been entered into the company. Continue reading Expulsion of a Company member

Infringements of Competition

Law on Protection of Competition (“Official Herald of the Republic of Serbia”, Nos. 51/2009 and 95/2013) shall regulate protection of competition on the market of the Republic of Serbia, as well as the position, organization and competencies of the Commission for Protection of Competition (hereinafter referred to as the Commission).

Pursuant to Law on Protection of Competition (“Official Herald of the Republic of Serbia”, Nos. 51/2009 and 95/2013) infringements of competition are the acts or deeds of undertakings with objective or the consequence by which the competition is considerably limited, violated or prevented.

Restrictive agreements

Definition of restrictive agreement

Restrictive agreements are those made by undertakings with objective or the consequence to considerably limit, violate or prevente the competition on the territory of the Republic of Serbia. Continue reading Infringements of Competition