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The Government of the Republic of Serbia

In the service of citizens

Bankruptcy trustees to be licensed by September

Belgrade, 1 July 2005

Serbian Minister of Economy Predrag Bubalo said today that the criteria for appointing trustees in bankruptcy have been established in Serbia for the first time. He pointed out that the positive side to these new regulations on insolvent companies is that creditors can now actively participate in creating future companies in cases such as ones in which the company being privatised is insolvent.

Speaking at a roundtable discussion on the place and role of trustees in bankruptcy in line with the new Law on Bankruptcy Proceedings, organised by the Agency for licensing trustees in bankruptcy, Bubalo said that the implementation of the Law on Bankruptcy and Licensing of Bankruptcy Trustees is an indispensable tool in clearing the economy of insolvent companies.

Agency Director Jovan Jovanovic announced that on July 15 the first group of 627 candidates will take an exam in order to receive a license to act as a trustee in bankruptcy proceedings.

Jovanovic said that the number of candidates has surpassed all expectations, adding that Serbia will have its first licensed bankruptcy trustees in September.

According to the law, a bankruptcy trustee must have a university degree, status of a private entrepreneur, three years of work experience in this field and the license.

The World Bank’s bankruptcy advisor Robert Gourley said that the optimal number of trustees in bankruptcy in Serbia would be between two and three hundred.