New Bankruptcy Law Proposal adopted - Agency for Bankruptcy Managers Certification annulled

Source: Blic Monday, 06.01.2014. 10:39
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(Photo: Ivana Vuksa)
The managers of the companies in bankruptcy will no longer be liable to the Agency for Bankruptcy Managers Certification . By the new proposal of the Bankruptcy Act , which was passed in the last days in 2013 , the Agency is abolished and there will be formed a Chamber to which the bankruptcy managers will be responsible to . They will also be controlled by the Supervision Organization.

Managers who have disciplinary proceedings undertaken against them, which were started by the Agency for certification, will be able to relax for at least next three months. All procedures will be on stand by due to organizational reasons, and will be continued in the period of 90 days from the commencement of the Chamber.

Changes to Bankruptcy Law were proposed by the Ministry of Economy, and Minister Sasa Radulovic, who had once been bankruptcy manager, made obligation to form a Committee for preparation of the constitution and commencement of the Chamber within 15 days from the day the Law came into force.

The committee has nine members, appointed by the Minister, while each association of bankruptcy managers determines two members.

While the Chamber does not begin to operate, all assets, documents, archives, and Directory of Bankruptcy Managers , as well as all the rights and obligations, will be taken over by the Ministry of Economy, and the Privatization Agency.

In bankruptcy procedures of companies in majority public or social property, the Privatization Agency will submit a proposal to the court for the appointment of administrators. Bankruptcy managers who obtained their licence before the effective date of the new law, will continue to perform the job.

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