Insolvency Act Amendments Adopted

As of 13 August 2014, the amendments and supplements to the Insolvency Act [Zakon o stečaju] are in force, published in the Official Gazette of RS no. 83/2014 ("New IA").

The New IA shall not be implemented retroactively, and those insolvency proceedings that were ongoing on the day the New IA entered into force will be continued under the previously valid rules.

In general, the New IA has not introduced fundamental changes in the field of insolvency law.

Certain rules that had already been followed in practice gained legal form under the New IA. It remains to be seen whether the New IA shall expedite the completion of insolvency proceedings in Serbia, thus eliminating one of the greatest problems of the insolvency practice. It should be noted that - according to the data from the Insolvency Supervision Agency for a total of 3,595 cases initiated under the earlier Insolvency Act as of 23 January 2010 - the average duration of insolvency proceedings in