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The Government of the Republic of Serbia

In the service of citizens

Automatic bankruptcy filing system launched

Belgrade, 21 September 2009

Deputy Prime Minister and Minister of Economy and Regional Development Mladjan Dinkic and Director of the US Agency for International Development (USAID) Mission to Serbia Michael Harvey today set the automatic bankruptcy filing system and electronic reporting system (ERS) in motion.

At a press conference, held at the government building, Dinkic said that this is the first information system of this kind in the region, adding that it cost $420,000.

He explained that it came about as a result of the joint work of the Agency for Licensing Bankruptcy, the USAID Bankruptcy and Enforcement Strengthening Activity (BES) and the Serbian Privatisation Agency's Bankruptcy Unit. Its main aim is to help improve the quality of work of bankruptcy managers, as well as the Serbian bankruptcy system in general.

The Minister said that the system will help modernise bankruptcy procedures and simplify bureaucratic procedures, which will make the bankruptcy system much more efficient.

By declaring bankruptcy, unsuccessful companies will have an opportunity to get rid of their old debts and start again from scratch, he said.

He stressed that owing to the new bankruptcy law, the bankruptcy procedure has been shortened from seven to three years, adding that the Ministry of Economy and Regional Development is planning to forward amendments to the bankruptcy law to parliament for adoption in order to simplify the bankruptcy procedure even more.

He announced a new law on accountability of directors and owners of companies, under which if it turns out that their company went bankrupt on purpose, they will be banned from business activities from 2 to 12 years.

Harvey said that Serbia has made big progress in modernising the bankruptcy procedure, but noted that a lot more still needs to be done for this area to become more efficient.

The automatic bankruptcy filling system has been tested since March this year. Nearly 400 bankruptcy managers and their assistants completed a training course that took place between May and July.