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

Reorganisation plan as a enforceable document

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

Voluntary liquidation of the company – legal aspect

According to provisions of Article 468 of Law on Business Companies, business company shall be dissolved by deletion from the register of economic operators in case of:

  • Liquidation or forced liquidation in accordance with this Law
  • Bankruptcy proceedings in accordance with the law governing bankruptcy and
  • A status change resulting in the dissolution of a company.

Liquidation of the company is the process of dissolution of the solvent company and can be: voluntary and forced.

Voluntary liquidation of the company is run by the decision of the owner of the company, as opposed to the forced liquidation, which starts in the cases provided by law Continue reading Voluntary liquidation of the company – legal aspect