Q:
A:
Certified bankruptcy trustees receive licenses
Belgrade,
21 September 2005
Serbian Minister of Economy Predrag Bubalo granted today licenses to the first bankruptcy trustees licensed in Serbia, and on that occasion said that about 200 bankruptcy trustees are necessary for normal economic life to function in Serbia.
Author:
Fonet
Bubalo said that 80 of the 400 registered candidates passed the exam and received licenses, and reiterated that the Serbian government had adopted a Law on Bankruptcy Proceedings that anticipates the activity of bankruptcy trustees becoming core and independent.
He pointed out that the costs of bankruptcy proceedings will be covered by the estate in question and that individuals wishing to work as a trustee must have a license, which may be taken away if they don’t show competency.
According to him, creditors are better protected by the Law on Bankruptcy Proceedings and are more often the ones initiating bankruptcy proceedings. In addition, in cases where debts cannot be settled, more and more managements and workers are realising that it is better to initiate a bankruptcy proceeding.
Bubalo pointed out that it is difficult to say how many public companies will be privatised through sell off, and how many through bankruptcies, and added that the Law on Privatisation has been improved, and that opportunities for debt write-off and restructuring have given everyone new chances in the transition.
The minister said that companies, whose debts have been written-off, are much more attractive than before, so they will be offered on the market, and they will go bankrupt only if two auctions or two tenders fail.
The Head of the World Bank Office in Serbia-Montenegro Carolyn Jungr stated that according to a World Bank report, in which Serbia-Montenegro has been declared the leader in reforms in 2004, it is clear that bankruptcy is a field where a great deal needs to done.
Jungr said that the bankruptcy proceeding is a long process and that three years are necessary for its completion. She added that it is also expensive, costing a quarter of the value of the estate going bankrupt.
She pointed out that the Law on Bankruptcy Proceedings and the knowledge that the bankruptcy trustees engaged should facilitate a more efficient solution for companies undergoing bankruptcy proceedings, as well as raising of investors’ confidence, and the opening of new workplaces in Serbia.
He pointed out that the costs of bankruptcy proceedings will be covered by the estate in question and that individuals wishing to work as a trustee must have a license, which may be taken away if they don’t show competency.
According to him, creditors are better protected by the Law on Bankruptcy Proceedings and are more often the ones initiating bankruptcy proceedings. In addition, in cases where debts cannot be settled, more and more managements and workers are realising that it is better to initiate a bankruptcy proceeding.
Bubalo pointed out that it is difficult to say how many public companies will be privatised through sell off, and how many through bankruptcies, and added that the Law on Privatisation has been improved, and that opportunities for debt write-off and restructuring have given everyone new chances in the transition.
The minister said that companies, whose debts have been written-off, are much more attractive than before, so they will be offered on the market, and they will go bankrupt only if two auctions or two tenders fail.
The Head of the World Bank Office in Serbia-Montenegro Carolyn Jungr stated that according to a World Bank report, in which Serbia-Montenegro has been declared the leader in reforms in 2004, it is clear that bankruptcy is a field where a great deal needs to done.
Jungr said that the bankruptcy proceeding is a long process and that three years are necessary for its completion. She added that it is also expensive, costing a quarter of the value of the estate going bankrupt.
She pointed out that the Law on Bankruptcy Proceedings and the knowledge that the bankruptcy trustees engaged should facilitate a more efficient solution for companies undergoing bankruptcy proceedings, as well as raising of investors’ confidence, and the opening of new workplaces in Serbia.
-
Belgrade, 28 November 2025Serbia, Italy dedicated to further strengthening partnership
-
Belgrade, 28 November 2025Partnership with EU important for improvement of human, minority rights
-
Belgrade, 28 November 2025Italy one of Serbia’s most important bilateral partners
-
Belgrade, 28 November 2025Four bilateral documents exchanged between Serbia, DR Congo
-
Belgrade/The Hague, 27 November 2025Serbia committed to European integration process
-
Belgrade, 27 November 2025Strengthening relations between Serbia, France through major infrastructure projects
-
Belgrade, 27 November 2025Serbia, Germany dedicated to intensifying cooperation in field of agriculture
-
Belgrade, 27 November 2025Cooperation with Montenegro in modernising public administration
-
Belgrade, 26 November 2025CEI region remains committed to connectivity, integration, innovation
-
Belgrade, 26 November 2025Joint work of Serbia, Ukraine in European integration process