Attorney Dragana Djordjevic » "Initiation of Bankruptcy Proceedings"

Compulsory liquidation of companies

17. 06. 2022. Dragana Đorđević Leave a comment

The procedure of compulsory liquidation and deletion from the register of business entities of companies shall be initiated and conducted ex officio by the Agency for Business Registers of the Republic of Serbia when there are reasons for creating the procedure of compulsory liquidation prescribed by the Companies Act.

The provisions of Articles 546, 547 and 548 of the Companies Act prescribe the reasons for initiating compulsory liquidation proceedings, the manner of starting and terminating proceedings and the consequences of deleting a company from the register of business entities in case of compulsory liquidation. Continue reading Compulsory liquidation of companies →

Refuting debtor’s legal acts (actio Pauliana)

29. 10. 2021. Dragana Đorđević Leave a comment

The rule is that the obligatory relations between the debtor and third parties for the creditor are res inter alios acta. An exception to this rule is the possibility for a creditor to, under certain conditions, refute legal actions taken by his debtor with a third party.

The creditor refutes such actions by filing a lawsuit (actio Pauliana) against a third party i.e. by pointing out an objection against the third party’s claim against the creditor’s debtor or his legal successors, to whom the debtor has transferred certain rights.

Terms of Refuting debtor’s legal acts

The basic general premise for refutation is

that there is a creditor’s claim against the debtor due for collection (regardless of when it arose) and
that the debtor is insolvent (which the creditor is obliged to prove).

Continue reading Refuting debtor’s legal acts (actio Pauliana) →

The Petition for Initiating Bankruptcy Proceedings

20. 01. 2020. Dragana Đorđević Leave a comment

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 →