Press releases and law firm thought leadership
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The recently adopted Croatian Bankruptcy Act ("SZ") sets out a new integrated pre-bankruptcy and bankruptcy regime. SZ has entirely replaced the previous bankruptcy act that was in force for 18 years, as well as provisions regulating pre-bankruptcy settlement proceedings prescribed under the Act on Financial Operations and Pre-bankruptcy Settlement. read more
The National Bank of the Republic of Macedonia (“NBRM”) has adopted a new Decision on the Manner and Terms of Recording and Notification of Executed Credit Operations (“Decision”), which applies to credit operations of Macedonian residents with non-residents. This Decision was adopted at the beginning of October, and came into force on 1st November.
As of 3 February 2016, the new Law on Consensual Financial Restructuring (“Law”) will introduce an improved framework for voluntary debt restructuring in Serbia (“Restructuring”). The Law was adopted as a part of a national strategy to address the increasing number of non-performing loans in the country, which was adopted in August 2015 (“Strategy”). The Law will replace the existing Law on Consensual Financial Restructuring of 2011, which produced modest results in practice.
Over the last 10 years, considerable legislative efforts have been made towards creating a favourable framework for financing agribusiness and agricultural production in Serbia. The latest piece of legislation in that sector is a law on secured pre-harvest financing.
After a few months of public debate, the new Insolvency Law1 has finally seen daylight in Serbis. The law was adopted in December 2009, and is effective since the end of January 2010. This has been such a major leap forward in protecting creditors and "cleaning" the business space in Serbia from heavily indebted companies. The law is generally based on the UNITRAL rules pertaining to insolvency, which have also been introduced by many countries in the region.