Serbia: Amendments to the Insolvency Act

As of mid-August 2014, the Serbian Insolvency Act applies in its amended form.

The amendments enhance the principles of transparency and cooperation. They provide for on-line publication of all court decisions rendered and parties submissions made in insolvency proceedings. Insolvency administrators are now obliged to make the insolvency debtor s books and records available to the consultants engaged by a member of the board of creditors. The duty to provide information and records on the debtor to the insolvency administrator is extended to encompass the members of the insolvency debtor s executive board and the controlling shareholders.

Commercial banks of the insolvency debtor are obliged to provide to the insolvency administrator the data on all debtor s bank accounts and the transactions carried our via those bank accounts (the relevant amendment fails to specify the transaction period), as well as all agreements with the insolvency debtor on money deposits and safe deposits. Public registries are obliged to deliver to the insolvency administrator the data on the debtor s assets pertaining to the period of five years preceding the opening of insolvency proceedings.