Attorney Dragana Djordjevic » "Bankruptcy" (2)

Additional payments of the company member

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Additional payments, as well as the loan to the company is one of the several possible ways of financing the company by a member of the company.

The provisions of Articles from 178 to 180 of the Companies Act regulates the following issues related to additional payments: manner of establishing the additional payment obligation, consequences of failure to make additional payment and return of additional payments.

Manner of Establishing the Additional Payment Obligation

The memorandum of association or the resolution of the company’s general meeting may prescribe an obligation on the part of company members, in addition to paying up the subscribed share capital, to make additional payments to the company in proportion to the value of their share in the company. Continue reading Additional payments of the company member →

Associations according to Law on Associations

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The Law on Associations shall regulate:

  • the establishment and legal status of associations
  • their entry and deletion from the Register
  • membership and bodies
  • associations’ status changes
  • termination
  • any other issues of importance to their activities.

The present Law shall also regulate the status and operations of foreign associations.

For the purposes of the Law on Associations, an association shall be a voluntary and non-governmental non-profit organization based on the freedom of association of several individuals or bodies corporate, established in order to pursue and promote a particular shared or general goal and interest which are not prohibited by the Constitution or the law. Continue reading Associations according to Law on Associations →

Reorganisation plan as a enforceable document

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Bankruptcy proceedings, within the meaning of the Law on Bankruptcy, shall be insolvency or reorganisation.

Insolvency shall mean creditor satisfaction through the sale of entire assets of the bankruptcy debtor, or the sale of the bankruptcy 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.

The aim of the both ways of implementing bankruptcy shall be to ensure the most favourable collective settlement of bankruptcy creditors

According to provisions of the Law on Banckruptcy and the Law on Enforcement and Security Interest the adopted reorganisation plan in bankruptcy procedure, confirmed by a court ruling shall have the force of enforceable document. Continue reading Reorganisation plan as a enforceable document →