Q:
A:
Legal framework reforms receivership procedure
Belgrade,
24 May 2005
Serbian Minister of Economy Predrag Bubalo said today that the passage of the Law on receivership, which came into force on February 2, together with a series of bylaws, has created a legal framework for the work of the Receiver Licensing Agency, with the aim of defining and creating the occupation of receiver.
Bubalo told a press conference that these reforms have created conditions needed to eliminate from the economy those companies whose existence is no longer economically justified and thus make Serbia’s market much more attractive for investment.
According to Bubalo, the Law on receivership defines new rules, procedures, and standards for actions of receivers and it also clearly defines each stage of a receiver’s work.
The main objective of the law is to improve the efficiency of Serbia’s economy and attract more foreign investors to the country, said Bubalo. He noted that efficient receivership legislation is the best way to fully utilise existing resources and release significant economic potential.
The Law on receivership also ensures a higher level of security for lenders and improves ailing companies’ chances to recover, according to him.
Receiver Licensing Agency Director Jovan Janicijevic said that such an agency, which started operations on February 24, is unique in Serbia-Montenegro as well as in neighbouring countries and he reiterated that the agency’s main task is to promote the occupation of the receiver, ensure greater security for creditors, and make the receivership procedure more efficient.
According to Bubalo, the Law on receivership defines new rules, procedures, and standards for actions of receivers and it also clearly defines each stage of a receiver’s work.
The main objective of the law is to improve the efficiency of Serbia’s economy and attract more foreign investors to the country, said Bubalo. He noted that efficient receivership legislation is the best way to fully utilise existing resources and release significant economic potential.
The Law on receivership also ensures a higher level of security for lenders and improves ailing companies’ chances to recover, according to him.
Receiver Licensing Agency Director Jovan Janicijevic said that such an agency, which started operations on February 24, is unique in Serbia-Montenegro as well as in neighbouring countries and he reiterated that the agency’s main task is to promote the occupation of the receiver, ensure greater security for creditors, and make the receivership procedure more efficient.
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