"Standard konfekcija", privatized by "Expo Italia", to go bankrupt for blocked account?

The agreement on commencement of production in company "Standard konfekcija " in Petrovaradin was not reached because the representative of Consortium "Expo Italia “, Ljubiša Ćirković, did not appear on the meeting. This company was bought by the Consortium in July 2003 and Commission for Control of Sales Contract, which operates as part of Privatization Agency, rejected, without any explanation, to cancel the sales contract. Company's account has been blocked for over six months and, according to new Law on Bankruptcy, there is possibility that that company go bankrupt since its account has been blocked for more than 45 days.

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