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About the Agency
New features of bankruptcy legislation
Comprehensive reform of the legislation in Serbia includes
the reform of bankruptcy legislation as well. Thus, the new
Law on Bankruptcy Procedure (Official Gazette of the RS no.84/04),
which became applicable as of 2 February 2005, provides the
setting up of the Bankruptcy Supervision Agency
to promote and improve this profession.
New rules, procedures and standards for actions of bankruptcy
administrators have been laid down by this law; each stage
in the work of a bankruptcy administrator has been clearly
defined with a view to ensuring more efficient enforcement
of the Law on Bankruptcy Procedure. With the introduction
of national standards, the legal lacunae and non-uniform implementation
of bankruptcy proceedings have finally been eliminated.
Bankruptcy Supervision Agency was
established by the Law on the Bankruptcy Supervision Agency (Official Gazette No.84/04), and began operating
on 24 February 2005.
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Key duties
1. Issues, renews and revokes licenses for the performance
of duties of a bankruptcy administrator
2. Organizes and conducts professional exams for bankruptcy
administrators
3. Supervises the work and monitors the development
of the bankruptcy administrator profession. |
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Main Goal
∙
Promotion and improvement of the profession of a bankruptcy
administrator, higher professional quality, legality
and increased accountability in work, achievement of
higher professional criteria necessary for the performance
of duties within this profession.
∙ Creation
of certainty for creditors regarding the implementation
of efficient, rapid and legal bankruptcy procedure over
their debtors that have been declared insolvent within
the period of one year, which will enable more rapid
settlement of their claims. |
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BSA Organisational structure
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Summary
By the adoption of the above said laws and by-laws,
a legal framework for the Agency to act toward the formation
of the bankruptcy administrator profession has been
set.
These reforms have created favourable conditions for
swift elimination of all business entities who fail
to justify their further existence and sustainability
from the economic system, which substantially improved
the climate that will be conducive to increased attractiveness
of Serbian economy for foreign investments in the future.
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