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

Responsibility of Legal Entities for Criminal Offences

The Law on Responsibility of Legal Entities for Criminal Offences (“Official Herald of the Republic of Serbia”, No. 97/2008) regulates the conditions of responsibility of legal entities for criminal offences, the criminal sanctions that may be imposed on legal entities, and the rules of decision-making procedure in matters of responsibility of legal entities, imposing of criminal sanctions, passing of decisions on rehabilitation, termination of a safety measure or a legal consequence of conviction, and on enforcement of court decisions.

Criminal Offences Involving the Responsibility of Legal Entities

A legal entity may face the prosecution for criminal offences specified in the particular part of the Penal Code and in other laws if the conditions of responsibility specified by the Law on Responsibility of Legal Entities for Criminal Offences (“Official Herald of the Republic of Serbia”, No. 97/2008) have been fulfilled. Continue reading Responsibility of Legal Entities for Criminal Offences

Collection of receivables from debtors in the blockade

Under conditions of the global financial crisis increases the risk of debt uncollectability. The risk of this type primarily depends on the individual claims, payment terms, economic and political conditions in the country, as well as the solvency and creditworthiness of the debtor.

The occurence of the debtor’s inability to fulfill its financial obligations due to blockage of business accounts is one of the biggest risks, whose implementation may result in a debtor’s bankruptcy, but in some cases may represent a cause of the creditor’s bankruptcy.

Answers on some questions, concerning with the possibility of the collection of receivables from a debtor who has in the blockade you can find in this article.

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Legal consequences of a blocked accounts are regulated by the Law on performing payment of legal persons, entrepreneurs and natural persons who do not perform activities. Continue reading Collection of receivables from debtors in the blockade