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The Government of the Republic of Serbia

In the service of citizens

Registry of Pledges to begin work on August 15

Belgrade, 20 July 2005

Deputy Registrar of Pledges at the Serbian Business Registers Agency Nevena Petrovic said today that the Agency has already received a large number of requests for the Registry of Pledges, due to officially begin work on August 15.

Nevena Petrovic, left, and Dragisa Okolisanov

At a press conference, Petrovic said that for the first time, a record of pledges will be kept at one single place. Pledges will serve to secure the capital amount, the interest and creditor’s expenses.

Petrovic pointed out that companies, individuals, and organisations, especially banks, have already shown interest in the Registry of Pledges. The registry is of great importance to the state because of taxes that will be collected through the right of pledges on movables.

According to her, only movable assets will be accepted as pledges in the initial period, whereas the agency is considering a possibility to accept pledges, for a transitory period only, on real estate not registered in the land register.

The creditor protection period will be 90 days from the day the pledge was recorded, during which creditors can execute their right. Earlier pledges, made before the register was established, will be settled according to the date they were made, and for new subscribers according to the date the pledge was registered.

Director of the Serbian Business Registers Agency Dragisa Okolisanov said that the new register will make foreign and home investments safer, adding that it will be the first electronic database to provide better working conditions for businessmen in Serbia.

Okolisanov said that the new register, together with the Register of Business Entities and the Register of Leasing, will make Serbia part of a group of Balkan countries that already have such institutions.